84 dead as Cyclone Amphan makes landfall in India and Bangladesh May 22, 2020 BTS member has paid a tribute to Tony Montana from ‘Scarface’ in Agust D 2 May 22, 2020 RBI announces a cut in the Repo rate by 40 basis points (bps) to 4 percent. Repo rate so ashed by 40 bps to 4%. RBI Governor Shaktikanta Das press conference Today Live News Updates: The decision to reduce repo rate was taken to revive growth and mitigate the impact of the coronavirus pandemic. RBI Governor Shaktikanta Das press conference LIVE Updates: Following a three-day off-cycle meeting, the Monetary Policy Committee (MPC) Friday slashed the repo rate by another 40 basis points from 4.4 percent to 4 percent. Reserve Bank of India (RBI) Governor Shaktikanta Das, addressing the press, said the unanimous decision was taken to revive growth and mitigate the impact of the coronavirus pandemic. The reverse repo rate was reduced simultaneously to 3.35 percent.
“Simultaneous fiscal, monetary and administrative measures will create conditions for a gradual revival of activity in the second half of 2020-2021,” he said.
Among the policy decisions taken, the moratorium on term loans available till May 31
was extended by another three months till August 2020.
Das was addressing his third press conference in two months since India went into lockdown to contain the spread of Covid-19. His briefing came days after Union Finance Minister Nirmala Sitharaman held a series of five press conferences to announce details of India’s Rs 20 lakh crore economic package to cushion the impact of the coronavirus pandemic.
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News Source: Indian Express