NEW DELHI: Reserve Bank of India (RBI) Governor Shaktikanta Das announced before the media that the repo rate has been slashed by 40 basis points, from 4.4% to 4%.
And the reverse repo rate stands reduced to 3.35% and the loans will also turn cheaper.
India is facing economic repercussions amidst Coronavirus pandemic and lockdown. Governor Das said that people should have faith in India's resilience as the whole world is affected.
Governor Das previously spoke about the Coronavirus related measures on March 27 and the second on April 17.
Governor Das announced a series of measures to ease the liquidity pressure in the banking system and cushion the economy from the COVID-19 lockdown and ongoing repercussions faced by citizens.
RBI permitted a three-month moratorium on payment of all term loans due between March 1 and May 31 this year.