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Repo rate reduced by 75 points to 4.4 per cent: RBI Governor Das

Reserve Bank of India Governor Shaktikanta Das announced a reduction in the repo and reverse repo rate on Friday.

ANI | Mumbai (Maharashtra) | Updated: 27-03-2020 10:32 IST | Created: 27-03-2020 10:32 IST
Repo rate reduced by 75 points to 4.4 per cent: RBI Governor Das
RBI Governor Shaktikanta Das addressing the media on Friday. Image Credit: ANI

Reserve Bank of India Governor Shaktikanta Das announced a reduction in the repo and reverse repo rate on Friday. "The repo rate has been reduced by 75 basis points to 4.4 per cent. The reserve repo rate has been reduced by 90 basis points to 4 per cent," Das said addressing the media.

The decision for "a sizeable reduction" in the policy repo rate, according to the RBI Governor was taken to "revive growth and mitigate the impact of COVID-19 and ensure financial stability." This decision comes a day after Union Finance Minister Nirmala Sitharaman announced a special Rs 1.7 crore relief package to help the poor and migrant workers amid a 21-day nationwide lockdown to mitigate the impact of coronavirus pandemic. (ANI)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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