RBI cuts reverse repo rate by 25 basis points to 3.75%

RBI cuts reverse repo rate by 25 basis points to 3.75%

Filed on April 17, 2020 | Last updated on April 17, 2020 at 09.44 am. This comes amid the Covid-19 pandemic and the subsequent countrywide lockdown.. The Reserve Bank of India (RBI) on Friday reduced the reverse repo rate by 25 basis points from four per cent to 3.75 per cent in a bid to inject liquidity in financial markets.. The repo rate remains unchanged.. RBI Governor Shaktikanta Das said the liquidity injection has been 3.2 per cent of GDP since February 6 to March 27.. "The RBI has been taking pro-active measures and monitoring the situation closely.. The contraction in exports at 34.6 per cent has been much worse than 2008-09 global financial crisis," Das said.. "For 2020-21, International Monetary Fund projects sizable reshaped recoveries, close to 9 percentage points for the global GDP.. India is expected to post a sharp turnaround and resume its pre-Covid, pre-slowdown trajectory by growing at 7.4 per cent in 2020-21," the RBI Governor said.. ERROR: Macro /ads/dfp-ad-article-new is missing!. Wuhan also revised up confirmed cases by 325.. The central bank hoped that the cut would supplement other measures.... A round-up of major developments related to Covid-19 across the.... The Dubai Crown Prince held