RBI has cut the repo rate by 75 basis points, bringing it down from 5.15% to 4.4. Governor Shaktikanta Das told media at a briefing. The reverse repo rate was reduced by 90 basis points to 4%. This announcement came a day after Finance Minister Niramala Sitharaman addressed the media.
In view of the COVID-19 pandemic, the Monetary Policy Committee (MPC) decided to advance its meeting scheduled for 31st March, 1st and 3rd April 2020.
After extensive discussions, the MPC voted unanimously for a sizeable reduction in the policy repo rate and for maintaining the accommodative stance of monetary policy as long as necessary to revive growth, mitigate the impact of COVID-19, while ensuring that inflation remains within the target. While there were some differences in the quantum of reduction, the MPC voted with a 4-2 majority to reduce the policy rate by 75 basis points to 4.4 percent.
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