India Holds Unscheduled Call Meeting to Abruptly Cut Base Interest Rate to 4%
Repo Rate 4.4%→4%
Reverse Repo Rate 3.75%→3.35%
[Asia Economy Reporter Naju-seok] The Reserve Bank of India lowered the benchmark interest rate on the 22nd.
Shaktikanta Das, Governor of the Reserve Bank of India, lowered the repo rate, which is used as the benchmark interest rate, by 0.4 percentage points from 4.4% to 4% in response to measures against the novel coronavirus infection (COVID-19). The reverse repo rate was also lowered from 3.75% to 3.35%.
The repo rate is the policy rate applied by the Reserve Bank of India when providing short-term loans to commercial banks.
Previously, the Reserve Bank of India had lowered the repo rate to 4.4% on March 27 and the reverse repo rate to 3.75% on April 17.
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Governor Das introduced that the Monetary Policy Committee (MPC) held an unscheduled meeting over the past three days to decide on this rate cut. According to Indian media, five members of the Monetary Policy Committee supported the rate cut, while one opposed it.
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