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RBI cuts reverse repo rate to boost bank lending aimed coronavirus COVID-19 crisis

RBI India’s central bank again cut reverse repo rate by .25 basis point on Friday to boost the bank lending in order to give relief to the economy by providing excess funds with in the banking system to help revive the growth.

RBI governor Shaktikanta Das said the central bank has taken the decision to cut the reverse repo rate to 3.75% with immidate effect, to encourage banks to deploy surplus funds said in a official statement.

The central bank also kept benchmark repo rate unchanged at 4.40% RBI governor said in a statement, In addition to this Reserve bank of India (RBI) on friday also pumped up more capital for banks to lend announces Rs 50,000 crore LTRO 2.0 Targeted long term repo rate. and also hinted more cut in repo rate in future going forward.

 

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