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Madan Sabnavis, chief economist, CARE Ratings (Photo: PHOTO CREDIT: Kamlesh Pednekar)

RBI buttresses earlier position forcefully; economic forecasts conservative

The central bank cut the repo rate by 40 bps to 4% and the reverse repo rate was brought down to 3.35%

Related: RBI says India GDP will contract in FY21, cuts repo rate by 40 bps to 4%

'Covid-19 hangs over future like spectre': RBI in Monetary Policy Report