Reserve Bank of India (RBI) Governor Shaktikanta Das announced the reduction of repo rate considerably to help the country’s

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Reserve Bank of India (RBI) Governor Shaktikanta Das  announced the reduction of repo rate considerably to help the country’s financial system tide over the coronavirus disease pandemic.

“The Monetary Police voted to reduce repo rate by 75 basis points - to 4.4 per cent. The reverse repo-rate reduced by 90 basis points to four per cent,” Das said at a press conference in Mumbai.

“It will now be unproductive for the banks to park money with the RBI, they will have to give it to the people,” said Das.

“Tough times never last, only tough people and tough institutions do,” he added.

This comes a day after a relief package announced by the government to clear the economic mess due to coronavirus pandemic.
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