Reserve Bank of India (RBI) governor Shaktikanta Das March 27 announced a massive 75 basis points cut in repo rates as a measure to counter the economic slowdown caused by the COVID-19 pandemic.

Today RBI has taken giant steps to safeguard our economy from the impact of the Coronavirus pandemic. The announcements will improve liquidity, reduce cost of funds, help middle class and businesses.

1. Repo rate reduced by 75 basis points to 4.4%

2. Rev repo reduced by 90 basis points to 4%

3. GDP growth for Q4 19-20 and FY 20-21 to be affected

4. Aggregate demand may weaken

5. Future outlook uncertain and negative

6. CRR reduced by 100 basis points to 3% for 1 year to release 1.37 lakh crores

7. Min daily CRR balance reduced from 90% - 80% till 30/06/2020

8. 3.74 lakh crore liquidity injected

9. 3 month moratorium on payment of installments of Term Loan outstanding

10. Interest on WC facilities to be deferred by 3 months

11. Such deferment not to be considered for NPA

12. Revised DP calculations by reassessing WC cycle

13. All measures not to effect credit history

14. Total liquidity injection 3.4% of GDP

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