Top Headlines: RBI joins coronavirus war, cuts repo rate; EMIs put on hold

Business Standard brings to you the top headlines of the day

1. Covid-19 relief: RBI cuts repo 75 bps; defers term-loan EMIs for 3 months

The Reserve Bank of India (RBI) on Friday went all guns blazing to arrest a potential slowdown caused by the coronavirus (Covid-19), lowering the policy repo rate by 75 basis points to 4.4 per cent.

"Given the Covid-19 stress, the six-member monetary policy committee (MPC) advanced their March 31-April 3 meetings to meet on March 24-26 and 27, and voted 4:2 to cut the policy repo rate to 4.4 per cent", Reserve Bank of India Governor Shaktikanta Das, who addressed the media through video streaming, said.