The Reserve Bank of India (RBI) on Friday unexpectedly cut its repo rate by 40 basis points for a second time this year after an off-cycle policy review to counter the economic fallout from an ongoing nationwide lockdown to contain the spread of the coronavirus disease.RBI governor Shaktikanta Das said the short-term lending rate now stands at 4 per cent down from 4.4 per cent earlier. The reverse repo rate was also reduced by 40 basis points to 3.35 per cent.He announced the decisions taken by the Monetary Policy Committee (MPC) in a videoconference.Here is the full speech of RBI governor Shaktikanta Das:“It is when the horizon is the darkest and human reason is beaten down to the ground that faith shines brightest and comes to our rescue.”As a nation we must have faith in India’s resilience and capacity to overcome all odds. Covid-19, a virus of the size of 0.12 microns, has crippled the global economy, with more than 300,000 dead and economic activity across the world stalled. Once again, central banks have to answer the call to the frontline in defence of the economy.2. The recent release of macroeconomic data, that for the first… Read full this story
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RBI slashes repo rate. Read the full statement here have 324 words, post on www.hindustantimes.com at May 22, 2020. This is cached page on CHUTEU. If you want remove this page, please contact us.