You are here: Home » Finance » Special » Payments Bank
;
Business Standard

RBI says India GDP will contract in FY21, cuts repo rate by 40 bps to 4%

RBI extends the moratorium on loan repayments by three more months

Topics
Reserve Bank of India RBI | lockdown should be expected in order to prevent a second | GDP forecast

BS 

In a new set of measures to trim the impact of coronavirus on the economy, the Reserve Bank of India (RBI) on Friday decided to cut the policy rate by 40 basis points from 4.4 per cent to 4 per cent. The reverse repo rate has been reduced to 3.35 per cent.

It has also extended the moratorium on loan repayments by three more months. In a video conference, RBI Governor Shaktikanta Das said the central bank's Monetary Policy Committee (MPC) had voted to maintain its "accommodative" stance and members voted 5-1 on the quantum of the rate reduction. "The MPC voted ...

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.


We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, May 22 2020. 11:56 IST