This has been done to stop lazy banking. Banks are being encouraged to lend instead of parking their resources with the RBI and earn risk-free interest income
Business Standard brings to you a snapshot of important events of the day.
All that happened in the markets today
Among other important announcements, he announced a reduction in reverse repo rate by 25 basis points from 4 per cent earlier to 3.75 per cent now
The RBI has indicated that it expects inflation to come down by September, which means that more rate cuts are in the offing
RBI governor is walking a tightrope, says a former chief statistician
Earlier, the RBI had reduced the repo rate to a 15-year low of 4.40 per cent by announcing a steep cut of 75 basis points on March 27, only two days after the national lockdown was imposed
RBI Governor Shaktikanta Das' media address at 10 am will remain a big focus today for investors who will also digest reports of an imminent second stimulus package
As India manages life under a 21-day lockdown, the government and the RBI have moved to help the economy and the poorest. A look at who gains from these moves and who loses out
Piecemeal regulatory forbearance will not go far and tougher questions will be asked of both Mint Road and banks, reports Raghu Mohan
No one cares about fiscal deficit now. Or for that matter, inflation. The focus is on growth and growth alone
RBI's steps will help in smooth functioning of financial markets
Repo down to 4.4%; reverse repo reduced by 90 basis to 4%; CRR lowered by a percentage point to 3%; inflation and growth forecast not given as they would depend on the extent of the coronavirus crisis
The GDP growth rates given in the chart are based on the 2011-12 base year
The moratorium is for three months on payment of all instalments due between March 1, 2020, and May 31, 2020, including credit card payments
The central bank is tight-lipped on its intervention strategy, but it is suspected that it recently intervened in a huge amount in the offshore markets
No one expected a CRR cut at this time; 75 basis points cut in the policy rate at one shot has also been more than what most had expected
The RBI governor, in his video-streamed speech, said the central bank was taking this route as the COVID-19 pandemic has ignited large sell-offs in asset classes
The RBI has reduced the repo rate by 75 basis points (bps) to 4.4 per cent, and the reverse repo rate by 90 bps which now stands at 4 per cent
The repo rate has come down by 75 basis points to 4.4 per cent, while the reverse repo rate has been lowered by 90 basis points to 4 per cent now