RBI Gives Big Relief to Banks, 25 Basis Point Reduction in Reverse Repo Rate

New Delhi : The Reserve Bank of India (RBI) has announced several reliefs in the wake of the Corona crisis and lockdown. The reverse repo rate has been cut by 25 basis points. Now the reverse repo rate has come down from 4% to 3.75%. Banks will benefit from the reduction in reverse repo rate. Banks will not have trouble in getting loans.

RBI Governor Shaktikanta Das said on Friday that the IMF has called this situation a great lock-down and the world is expected to suffer a loss of 9 trillion dollars. India is among the few countries where there will be a positive growth of 1.9 per cent, which will be the fastest growth of G-20 countries.

He said that the financial condition is under the watch of RBI. Our entire team is engaged to fight against Corona. Our 150 officers and employees are providing services through Quarantine. Efforts are on to reduce the financial loss. The agricultural sector is sustainable, the buffer stock is there. Also the monsoon rains are expected to be good this year.