RBI governor Shaktikanta Das on friday announced that its Monetary policy Committee decided to reduce the repo rate by keeping the current crisis in mind and to avoid any economic risks at this point.
Due to the downfall of the economic structure the the MPC meeting was advanced from march 31- April 3 to March 25-27.
The RBI's MPC has voted for a reduction of the repo rate to 75 basis points, which rings down the repo rate to 4.4 per cent from 5.15 percent on the other hand the the reverse repo rate has also been cut off by 90 basis points to 4 per cent in order to maintain the financial stability of the country.
In case of EMIs or loans banks are permitted to allow a three-month moratorium that were outstanding on March 1. In order to maintain the economic and financial balance of our country such major decisions have been taken.