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- ReserveBankOfIndia (@RBI) May 22, 2020
As a result, the reverse repo rate stands at 3.35 per cent, said RBI Governor Shaktikanta Das. The six-member monetary policy committee (MPC) voted 5:1 in favour of the decision.
Repo rate is the rate at which a country's central bank lends money to commercial banks, and the reverse repo rate is the rate at which it borrows from them.
- ANI (@ANI) May 22, 2020
- ANI (@ANI) May 22, 2020
It also allowed for repayment of accumulated interest on account of the moratorium through FY21.
Furthermore, Governor Das noted that pandemic has had a crushing blow to the demand.
"High frequency indicators points to collapse in demand in March, the Governor said.
Das observed that investment demand has virtually been halted. He, however, said that agriculture.
He added the MPC will maintain accommodative stance, therefore, leaving further for more policy action.
Say goodbye to layover woes and hello to unforgettable adventures with Turkish Airlines' Stopover Istanbul and Touristanbul programmes
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