The RBI Monetary Policy Committee (MPC) which met on March 24, 26 and 27 had a majority of 4-2 towards the favour of a 75 bps repo rate cut.
New Delhi| The RBI Monetary Policy Committee (MPC) has decided to advance its meeting due on April 3 was decided for March 24, 25, 27 undertook the careful evaluation, says RBI Governor Shaktikanta Das while addressing a presser via video conferencing.
Reserve Bank of India Governor Shaktikanta Das today announced that RBI repo rate has been cut by 75 basis points.
“If COIV19 case prolongs and the supply chain could get disrupted and it could jeopardise India’s growth. We hope that drop in crude oil prices will help India,” says RBI Governor Shaktikanta Das.
Governor Shaktikanta Das today said that repo rate stands at 4.20 per cent now vs 5.15 per cent earlier.
Monetary Policy Committee (MPC) has noted that global economic activity has come to a near stand-still as coronavirus related lockdowns and social distancing in affected countries. Expectations of a shallow recovery in 2020 from 2019’s decade low in global growth have been dashed,” says RBI Governor Shaktikanta Das while addressing media through video conferencing today.
MPC (Monetary Policy Committee) noted that global economic activity has come to a near stand-still as #COVID19 related lockdowns & social distancing in affected countries. Expectations of a shallow recovery in 2020 from 2019's decade low in global growth have been dashed: RBI Guv pic.twitter.com/LkoQ7vBi6B
— ANI (@ANI) March 27, 2020
Also Read: Will Raghuram Rajan be the next Manmohan Singh?
Reserve Bank of India Governor Shaktikanta Das today announced, “All commercial banks and NBFC, are permitted to allow a three-month moratorium on payment of instalments of all term loans.”
“RBI will conduct auctions of long term repo operation (LTRO) of three-year tenure up to Rs1 lakh crore at a floating rate linked to the policy rate,” says RBI Governor Shaktikanta Das.
Speaking to the media, Reserve Bank of India governor Shaktikanta Das said that the rate cut was warranted due to the severe impact of coronavirus on the Indian economy.
“Worthwhile to remember that tough times never last, only tough people and institutions do” Das said in his speech. He further went on to say that the Reserve Bank of India has taken a number of steps in the last one month and added that the central bank was at work and in mission mode.
As an independent media platform, we do not take advertisements from governments and corporate houses. It is you, our readers, who have supported us on our journey to do honest and unbiased journalism. Please contribute, so that we can continue to do the same in future.
