In a surprise move, the RBI Governor Shaktikanta Das reduced the repo rate from 4.4% to 4%. Also, the moratorium on banks was extended by another three months due to the extended lockdown. It was his address to media after the government announced 20.97 lakh crore stimulus to the economy.
Highlights of RBI’s announcements
• Monetary Policy Committee of RBI decided the repo rate to 4% from the existing 4.4%. It is the lowest repo rate since 2000. The central bank also sliced the reversed repo rate to 3.35% from … Read the rest