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COVID-19: Sitharaman says RBI's 75 bps rate cut needs quick transmission

Nirmala Sitharaman city New Delhi India covid-19 outbreak pandemic
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NEW DELHI: Finance minister Nirmala Sitharaman on Friday said the central bank’s decision to cut benchmark interest rates needs to be transmitted quickly to give some relief to borrowers to help deal with the 21-day nationwide lockdown in the wake of COVID-19 pandemic.

Reserve Bank of India Governor Shaktikanta Das on Friday announced a host of measures to alleviate financial stress, build confidence and keep the financial system sound.

The central bank cut the repo rate by 75 basis points to 4.4% with immediate effect in an unscheduled meeting. It also cut the bank rate to 4.65% from 5.40%.

Das also announced several measures to inject ₹3.74 trillion liquidity into the system, among several other measures. The central bank also allowed

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