Covid 19: RBI cuts repo rate by 75 bps to 4.40 Percent

In the wake of the coronavirus pandemic, the Reserve Bank of India on March 27 cut the repo rate by 75 basis points to 4.40 percent versus 5.15 percent earlier. The monetary policy committee advanced its meet to March 24, 26, 27 and voted by 4.2 majority to reduce the policy repo rate. Decided to address media virtually to ensure social distancing in these times. MPC voted for a sizable reduction in repo rate and maintaining accommodative stance, said RBI Governor Shaktikanta Das.