The Reserve Bank of India cut its benchmark repo rate by 75 basis points to 4.40% versus 5.15% earlier in the wake of coronavirus pandemic. Repo rate is the key interest rate at which the RBI lends short-term funds to commercial banks. Four out of the six members of the Monetary Policy Committee voted in favour of the move, the RBI Governor said. The move came as India entered the third day of a 21-day countrywide lockdown to curb the rapid spread of the global pandemic.
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