Following this, the reverse repo rate, or the rate at which the banks perk extra liquidity with the RBI, was reduced to 3.35 per cent from 3.75 per cent - both at their historic lows.
Exporters laud timely steps but want direct fiscal support, full package
Fund managers expect yields to remain elevated at the longer-end of the yield curve in light of government's borrowing plans
With GDP growth seen shrinking, funds likely to chase stocks with high growth forecast
Business Standard brings the top headlines of the day
All that happened in the markets today
RBI took cognizance of the difficult situation amid the global coronavirus crisis and announced a number of measures for the export and import sector
The central bank cut the repo rate by 40 bps to 4% and the reverse repo rate was brought down to 3.35%
RBI extends the moratorium on loan repayments by three more months
A total of 25 companies including Alembic Pharmaceuticals, IDFC First Bank, and UPL, are scheduled to announce their March quarter earnings later in the day
Mutual Funds say they didn't need to use their liquidity line fully
Relaxation likely on branch audit as Guv meets bankers
The meetings were also attended by deputy governors and other senior officers of the central bank, RBI said in a statement on its website
The meeting will take stock of implementation of several steps announced by the RBI, including moderation in interest rate and its transmission, as well as liquidity infusion measures for industry
Banks unwilling to take on credit risk in their balance sheets beyond a point, says central bank governor
By resorting to the two-step OMOs, the RBI is managing the yield at both the shorter as well as the longer end
International passenger travel would remain shut for a long time, not for weeks but for months, he said citing examples of sectors which will continue to be non-functional
Lenders to face central bank's censure; board meet in May seen leading to fresh measures
Experts say while the decision is positive, it may not make any significant contribution
RBI tries to discourage banks from sitting on their liquidity, makes it mandatory to lend to small and medium NBFCs money raised from liquidity window