Reserve Bank of India Governor Shaktikanta Das announced a reduction in the repo and reverse repo rate on Friday.
"The repo rate has been reduced by 75 basis points to 4.4 per cent. The reserve repo rate has been reduced by 90 basis points to 4 per cent," Das said addressing the media.
The decision for "a sizeable reduction" in the policy repo rate, according to the RBI Governor was taken to "revive growth and mitigate the impact of COVID-19 and ensure financial stability."
This decision comes a day after Union Finance Minister Nirmala Sitharaman announced a special Rs 1.7 crore relief package to help the poor and migrant workers amid a 21-day nationwide lockdown to mitigate the impact of coronavirus pandemic.
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