"Darkest Moment, Must Focus On Light" - RBI Governor On COVID-19
The Reserve Bank of India unexpectedly cut its key deposit rate for the second time in three weeks on Friday to discourage banks for parking idle funds with it and push them toward lending to revive the flagging economy amid the coronavirus lockdown. The RBI cut its reverse repo rate by 25 basis points (bps) to 3.75% with immediate effect, RBI Governor Shaktikanta Das said in a video conference. The rate had already been cut by 90 bps on March 27.
