Nation

RBI to cut repo rate from 4.4 per cent to 4 per cent

TPE Correspondent

New Delhi May 22nd

The Reserve Bank of India (RBI) on Friday announced that it has decided to cut the repo rate cut by 40 basis points from 4.4 per cent to 4 per cent, adding that the reverse repo rate has been reduced to 3.35 per cent.

Addressing his third press conference in less than two months, RBI Governor Shaktikanta Das said that the GDP growth in 2020-21 is expected to remain in the negative category with some pick up in second half.

The RBI Governor also announced that the central bank has decided to extend moratorium on term loans by three more months from June 1 to August 31 in wake of the extension of the coronavirus lockdown.

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