Factbox: RBI cuts reverse repo rate, takes more steps to tackle COVID-19 impact

Credit: Reuters India- Published on April 17, 2020
The Reserve Bank of India on Friday unexpectedly cut its key deposit rate for the second time in three weeks to deter banks from parking idle funds with it and to spur lending to help the economy cope with the impact of the coronavirus lockdown.

Video credit: Oneindia
Published on April 17, 2020 -  01:14
RBI cuts reverse repo rate by 25 points to boost liquidity, Rs.50,000-crore push for lenders
RESERVE BANK OF INDIA GOVERNOR SHAKTIKANTA DAS TODAY BROUGHT IN A SLEW OF MEASURES TO PROVIDE LIQUIDITY, FACILITATE BANK CREDIT, ENABLE NORMAL FUNCTIONING OF THE MARKETS, AND EASE FINANCIAL STRESS TO AN ECONOMY STRUGGLING AGAINST THE DEADLY CORONAVIRUS. AMONG THE EMERGENCY MEASURES TODAY, RBI CUT THE REVERSE REPO RATE BY 25 BASIS POINTS TO 3.75%, WHILE KEEPING THE REPO RATE UNCHANGED, DISCOURAGING BANKS FROM PARKING MORE MONEY WITH THE CENTRAL BANK. FURTHER, RBI WILL ALSO PUMP IN LAKHS OF CRORES OF RUPEES INTO THE SYSTEM, BY GIVING MONEY TO FINANCIAL INSTITUTIONS, ALLOWING MORE BORROWING, AND LETTING STATES GET MORE MONEY. #COVID19 #CoronavirusLockdown #Covid

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