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RBI cuts repo rate by 40 basis points from 4.4 per cent to 4 per cent

| Updated: Friday, May 22, 2020, 13:09 [IST]

New Delhi, May 22: The Reserve Bank of India's (RBI) on Friday cut its repo rate by 40 basis point to 4 per cent and adjusted the reverse repo rate to 3.35 per cent from 3.75 per cent, its governor Shaktikanta Das said.

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RBI slashes repo rates by 40 basis points to 4% to boost growth, other measure

RBI cuts repo rate cut by 40 basis points — **Shaktikanta Das**

Shaktikanta Das made the announcements during a press conference through video.

Full text of RBI Governor Shaktikanta Das’ May 22 briefing Full text of RBI Governor Shaktikanta Das’ May 22 briefing

It had on March 27 slashed the benchmark interest rate by a massive 75 basis points and also announced a three-month moratorium to be given by banks to provide relief to borrowers whose income has been hit due to the lockdown.

RBI has announced several steps to ease the pressure faced by borrowers, lenders and other entities including mutual funds and has promised to take more initiatives to deal with the developing situation.