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Covid-19: RBI cuts reverse repo rate by 25 basis points to 3.75%

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RBI, repo rate

Mumbai - This comes amid the Covid-19 pandemic and the subsequent countrywide lockdown.

By ANI

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Published: Fri 17 Apr 2020, 9:34 AM

Last updated: Fri 17 Apr 2020, 7:38 PM

The Reserve Bank of India (RBI) on Friday reduced the reverse repo rate by 25 basis points from four per cent to 3.75 per cent in a bid to inject liquidity in financial markets. However, the repo rate remains unchanged.
This comes amid the Covid-19 pandemic and the subsequent countrywide lockdown.
RBI Governor Shaktikanta Das said the liquidity injection has been 3.2 per cent of GDP since February 6 to March 27.
"The RBI has been taking pro-active measures and monitoring the situation closely. The contraction in exports at 34.6 per cent has been much worse than 2008-09 global financial crisis," Das said.
He said that India is expected to post a "sharp turnaround" by growing at 7.4 per cent in 2020-21.
"For 2020-21, International Monetary Fund projects sizable reshaped recoveries, close to 9 percentage points for the global GDP. India is expected to post a sharp turnaround and resume its pre-Covid, pre-slowdown trajectory by growing at 7.4 per cent in 2020-21," the RBI Governor said.



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