Repo rate slashed by 75 basis points to 4.4 percent: RBI Guv
Mumbai/IBNS: The Reserve Bank of India on Friday announced that repo rate has been slashed by 75 basis points to 4.4 percent.
Making the announcement, RBI governor Shaktikanta Das said: "The repo rate has been reduced by 75 basis points to 4.4 percent."
He said: "Finance is the lifeline of the economy and keeping it flowing is a matter of paramount importance to the RBI."
Governor’s address to media https://t.co/vsfV13L0UK
— ReserveBankOfIndia (@RBI) March 27, 2020
Das also announced a moratorium of EMIs for three months on all outstanding loans.
He alerted: "There is a rising probability that large parts of the world will slip into recession."
He said India banking system remained safe and sound.
"Your funds are safe," he said depositors.
"COVID 19 is upon us but this too shall pass," he said.
Das made the announcement on a day when India is observing its third day of national lockdown.
The Indian Health Ministry on Friday said the total number of COVID 19 infected cases in India stands at 724.
The Ministry said 17 people died due to COVID 19 infection in the country so far.
The Ministry said 66 people have recovered from the disease.
Meanwhile, providing relief to the poor section, Union Finance Minister Nirmala Sitharaman on Thursday came out with a mega package of Rs. 1,70,000 crore under "Pradhan Mantri Gareeb Kalyan Scheme" to support health workers, farmers, women and other marginalised sectors as the country is in lockdown mode to combat COVID-19.
Each health worker will get insurance of Rs. 50 lakh for the next three months.
Announcing that all poor people will get five kg of wheat or rice and one kg of dal for free for the next three months, Sitharaman said, "We have taken the steps so that no one remains hungry."
Sitharaman said eight lakh farmers will get Rs. 2,000 to their bank accounts.
She has also announced a wage increase from Rs. 182 to Rs. 202 for all MNREGA workers.
One-time ex-gratia of additional Rs. 1000 will be given to poor senior citizens who are widowed and disabled.
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