Reserve Bank of India reduces repo rate by 75 basis points

Mumbai:To check the economic slowdown in the wake of COVID-19, the RBI on Friday, cut key rates as Repo rate by 75 basis points and reverse Repo of 100 basis points.Now repo rate would be 4.4 per cent and Reverse Repo would be 4.15 per cent.

RBI Governor Shakti Kanta Das also announced a moratorium of  three months of EMI on all outstanding loans.The Governor predicted a big recession coming for the world and he warned that India won't be immune.It all depends how India responds to the situation, he added.(UNI)