RBI Offers ₹3.7-trn Covid Vaccine

Business Standard|March 28, 2020

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RBI Offers ₹3.7-trn Covid Vaccine
The Reserve Bank of India (RBI) on Friday came out all guns blazing to arrest a poten- tial slowdown caused by coronavirus (COVID-19), lowering the policy repo rate by 75 basis points to 4.4 per cent, and telling all banks and housing finance companies not to take instalments on term loans for three months.
Anup Roy

The RBI also pumped %3.74 trillion of additional liquidity into the banking system through various policy measures.

“Given the COVID-19 stress, the six-member monetary policy committee (MPC) advanced their March 31-April 3 meetings to March 24, 26 and 27, and voted 4:2 to cut the policy repo rate to 4.4 per cent,” said Reserve Bank of India Governor Shaktikanta Das, who addressed the media through video streaming.

Its stance was Kept accommodative.


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March 28, 2020