Mumbai, March 27: At a press conference today, RBI announced a slew of measures to give relief to people and safeguard the economy amid the coronavirus pandemic. PM Narendra Modi mentioned that the RBI announcement will improve the liquidity. In a tweet, PM said, "Today RBI has taken giant steps to safeguard our economy from the impact of the Coronavirus. The announcements will improve liquidity, reduce the cost of funds, help middle class and businesses."
One of the major announcements made by Governor Shaktikanta Das was the huge reduction in the repo rate by 75 basis points and a 90 basis point reduction in the reverse repo rate. He also announced that banks, lending institutions may allow a three-month moratorium on all loans. RBI Reduces Repo Rate by 75 Basis Points to 4.4%; Reverse Repo Rate Reduced by 90 Basis Points to 4% Amid COVID-19 Outbreak.
Check PM Modi's tweet:
Today @RBI has taken giant steps to safeguard our economy from the impact of the Coronavirus. The announcements will improve liquidity, reduce cost of funds, help middle class and businesses. https://t.co/pgYOUBQtNl
— Narendra Modi (@narendramodi) March 27, 2020
The total number of confirmed coronavirus cases in India jumped to 724 on Friday, the Health Ministry data showed. Among the total cases, there are 640 active COVID-19 cases in the country at present while 66 patients have been cured or discharged so far. The death toll due to COVID-19 stands at 17 in India