RBI cuts reverse repo rate by 25 basis points

New Delhi, Apr 17: The Reserve Bank of India has cut the reverse repo rate by 25 basis points to 3.75 per cent, RBI Governor Shaktikanta Das said on Friday. The report rate, however, remains unchanged.

Addressing the media, Das also announced a Rs 50,000 crore booster package for the small and medium-sized industries to recover from the ongoing COVID-19 lockdown.

Giving an optimistic picture, he said that India is expected to post a sharp turn-around and resume its pre-COVID-19 and pre-slowdown trajectory by growing at 7.4 per cent in 2021-22.

In another announcement, Das said that an amount of Rs 50,000 crore is being allotted to NABARD, SIDBI and the National Housing Bank. He said that NABARD would get Rs 50,000 crore, while SIDBI and NHB will be allocated Rs 15,000 crore and Rs 10,000 crore respectively.