RBI took giant steps to safeguard economy from COVID-19 impact: PM Modi
New Delhi/IBNS: Prime Minister Narendra Modi on Friday lauded the Reserve Bank of India (RBI) for slashing the repo rate by 75 basis points saying the central bank took giant steps to safeguard the Indian economy from the impact of COVID-19.
Prime Minister Modi tweeted, "Today @RBI has taken giant steps to safeguard our economy from the impact of the Coronavirus. The announcements will improve liquidity, reduce cost of funds, help middle class and businesses."
Today @RBI has taken giant steps to safeguard our economy from the impact of the Coronavirus. The announcements will improve liquidity, reduce cost of funds, help middle class and businesses. https://t.co/pgYOUBQtNl
— Narendra Modi (@narendramodi) March 27, 2020
The RBI on Friday announced that repo rate has been slashed by 75 basis points to 4.4%.
Making the announcement, RBI governor Shaktikanta Das said, "The repo rate has been reduced by 75 basis points to 4.4%."
He said, "Finance is the lifeline of the economy and keeping it flowing is a matter of paramount importance to the RBI."
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 the Indian banking system remained safe and sound.
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"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 was 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.
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