RBI has taken giant steps to safeguard our economy, tweets PM Modi

Today RBI has taken giant steps to safeguard our economy from the impact of the coronavirus. The announcements will improve liquidity, reduce cost of funds, help middle class and businesses, tweeted PM Modi. RBI on Friday massively reduced the key lending rates in response to the Covid-19 outbreak. Accordingly, the Monetary Policy Committee of the central bank in an unscheduled meet reduced the repo rate, the key interest rate at which the RBI lends short term funds to commercial banks, by 75 basis points to 4.40 per cent.