RBI cuts repo rate by 75 bps to 4.4% due to COVID-19

Mumbai: The Reserve Bank of India (RBI) cut Friday the benchmark interest rate by 75 basis points to 4.4 per cent to deal with the hardships caused due to the outbreak of COVID-19.

The central bank also reduced the cash reserve ratio (CRR) of all banks by 100 basis points to three per cent with effect from March 28 for one year.

Also Read

Vikram Misri launches India-US trade portal to boost ties

15 hours ago

Sensex, Nifty jump nearly 4% on US-Iran ceasefire, correction in crude prices  

21 hours ago

RBI will maintain accommodative stance, Governor Shaktikanta Das said while announcing decisions of Monetary Policy Committee (MPC). “MPC voted for sizeable reduction in interest rate,” he said.

Details to follow

Agencies