The RBI in an emergency meeting on Friday slashed its key policy rate to a record low as part of its efforts to counter the devastating economic fallout of the two-month-long lockdown to fight the spread of the dreaded coronavirus pandemic.
The apex bank also extended the moratorium on loans to a total of six months to ease the financial stress on individuals and corporate borrowers after RBI governor Shaktikanta Das said the economy was expected to contract in the 2020-21 financial year.
The RBI cut the repo rate, at which it gives short term loans to banks, by 0.4% to the lowest on record at 4%. Consequently, the reverse repo rate at which the central bank picks up funds from banks was also reduced by 0.4% to 3.35.% The RBI has now cut the repo rate by a total of 1.15% since the lockdown began on March 25.
この記事は Mail Today の May 23, 2020 版に掲載されています。
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