RBI Reduces Key Interest Rate By 75 Basis Points To 4.4 Per Cent

Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday announced a cut of 75 basis points in the repo rate to 4.4 per cent, after an unscheduled meeting of its Monetary Policy Committee. Repo rate is the key interest rate at which the RBI lends short-term funds to commercial banks. Four out of the six members of the Monetary Policy Committee voted in favour of the move, the RBI Governor said. "The economic outlook globally is uncertain and obviously negative... Financial stability is the topmost priority of the RBI in this crisis," said Shaktikanta Das.