You are here: Home » PTI Stories » National » News
Business Standard

RBI slashes benchmark lending rate by 40 bps

Topics
Business Finance

Press Trust of India  |  Mumbai 

In a surprise move, the Reserve Bank of India on Friday slashed the benchmark lending rate by 40 basis points to mitigate the impact of COVID-19 crisis.

In an off-cycle meeting of the Monetary Policy Committee (MPC), the decision was taken unanimously to cut repo to support growth.

Following the reduction, the repo rate has come down to 4 per cent and the reverse repo rate has been cut to 3.35 per cent.

The MPC, headed by RBI Governor Shaktikanta Das, has last reduced the repo rate (the rate at which central bank lends to banks) on March 27 by a staggering 0.75 per cent to 4.14 per cent.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 22 2020. 10:41 IST
RECOMMENDED FOR YOU