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RBI cuts reverse repo, launches TLTRO 2.0, stops dividends by banks
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MUMBAI: The Reserve Bank of India Governor Shaktikanta Das on Friday fired another round of bazooka by delivering a de-facto policy rate cut by lowering reverse repo rate, opening a special line of funds to help support non-banking finance companies and microfinance companies and easing asset classification norms on loan accounts considered for moratorium to support the banking system from the impact of covid-19 pandemic.
The RBI cut reverse repo rate by 25 basis points to 3.75% to discourage banks from parking excess liquidity under the liquidity adjustment facility (LAF) window and instead lend more.
The central bank had last cut reverse repo rate by 90 basis point to 4% on 27 March. The move comes as banks have been parking excess
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