BREAKING: RBI cuts Repo Rate by massive 75 bps to 4.4% to revive growth amid Coronavirus

Reserve Bank of India (RBI) anunced a 'sizeable reduction' in policy repo rate of country, slashing it by 75 base points to 4.4%, RBI goverr Shaktikanta Das anunced on Friday. Addressing media via a video conference, RBI goverr revealed that Monetary Policy Committee (MPC), which preponed its meeting, voted in a majority of 4:2 to have a sizeable deduction in policy repo rate. reverse repo rate was slashed by 90 base points to 4%.  

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latest rate cut is by far biggest by central bank among a series of cuts that have been a highlight of Shaktikanta Das' tenure as Goverr. However, latest measure, which has come as an emergency measure and t within RBI's bi-monthly policy-review framework, is three times size of cut generally applied.

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Repo rate slashed

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This comes after minutes after influential Moody's Investors Service slashed India's 2020 GDP growth projection from its earlier forecast of 5.3% to 2.5% amid global Coronavirus pandemic. Indian government had earlier projected GDP growth at 5% in 2019-20 as compared to 6.1% in 2018-19. Q3 had witnessed a 4.7% growth. India has anunced a Rs 1.7 lakh crore Coronavirus relief pack, split between assuring food security and Direct Benefit Transfer cash-transfer as country observes a 21-day lockdown to combat COVID-19, of which over 700 infections have been confirmed thus far.

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