The Reserve Bank of India governor Shaktikanta Das on Friday announced several measures to revive the economy that has come to a standstill due to coronavirus pandemic. "The top six industrialised states that account for about 60 per cent of industrial output are largely in red or orange zones," RBI governor said during the press briefing.
From reducing repo rate by 40 bps to extending loan moratorium for another three months — here are the key announcements. Repo rate: The central bank of India today cut the repo rate by 40 basis points to 4%.
The reverse repurchase rate was reduced to 3.35% from 3.75%. This rate cut is expected to bring down the lending and deposit rates. GDP forecast: India's GDP growth is estimated to be in negative