RBI Governor Announces Repo Rate Cut From 4.4 to 4 Percentage. Reserve Bank Of India governor Shaktikanta Das address the media today on 10.00 am, says over the last three days (20th, 21st, 22nd) the MPC reviewed the domestic and global developments and their implications for the outlook.
After extensive discussions the MPC voted for the deduction in policy repo rate and for maintaining the accommodative stands of Monterey policy as long as necessary to revive growth and to mitigate the impact of COVID-19 while ensuring that inflation remains with in the target.
On the quantum of reduction the MPC voted with 5:1 majority to reduce the policy of REPO rate by 40 basis points from 4.4 percent to 4 percent consequently the NFS rate and the bank rate now stand reduced to 4.25 and reverse repo rate stands to reduce to 3.35 percent.
RBI Governor Announces Repo rate cut from 4.4 to 4 percentage
At today RBI Governor address to the media says ” the global manufacturing PMI contracted to 11 year low in april 2020. The global services PMI recorded its cheapest decline in the history of index. Among advanced economy that have released GDP readings Q1 of 2020 contractions where in the range of 3.4 percent to 14.2 percent.
For emerging market economies the growth rate range between 2.9% and -6.8 %.