In a bid to tackle the impact of novel coronavirus (Covid-19) disease on the Indian economy, the Reserve Bank of India (RBI) has cut its repo rate by 75 basis points (bps) to 4.40% from 5.15% earlier. The reverse repo rate has been reduced by 90 basis points to 4%.
The Monetary Policy Committee (MPC) meeting was advanced to March 24, 25 and 27, instead of March 31-April 3 as scheduled earlier.