RBI cuts repo rate to 4.4%
March 27, 2020 10:36
RBI: Monetary policy committee voted 4:2 majority to cut repo rate by 75 basis points to 4.4%.
-- RBI is at work; calibrating action to meet any liquidity mode.
-- We are living in an extraordinary situation; war-like effort needs to be mounted against coronavirus using conventional, unconventional tools.
-- Outlook highly uncertain and negative in view of outbreak of Covid-19.
-- Financial markets are under stress; require steps by central bank for market stability and revival of economic growth.
-- Monetary policy committee refrains from giving out growth, inflation outlook for coming fiscal on uncertain outlook.
-- Global slowdown can deepen with adverse implication for India; crude oil slump upside for India