As the world remains engulfed in an unprecedented crisis, Reserve Bank of India today strode to the front, to stand shoulder-to-shoulder with its global peers, decisively moving towards emergency settings which policy makers all over the world have switched to in the last six weeks.
Bringing forward its MPC meeting scheduled for 3 April, RBI set out an array of measures aimed at assuaging the needs of a variety of stakeholders.
Central among them was the deep 75 bps cut in the repo rate, material injection of liquidity in the banking system, forbearance for corporate and consumer loans, along with a material regulatory easing on foreign exchange markets.