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.
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
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