Live: RBI Governor Shaktikanta Das announces repo rate cut of 40 bps | Economy News

New Delhi: Reserve Bank of India (RBI) Governor Shaktikanta Das is addressing a press conference amidst expectations that he will announce measures to ease the financial stress caused by the COVID-19 pandemic..

This is his third press conference (the other two being on March 27 and April 17). In his last conference the RBI Governor said that the central bank will ensure adequate liquidity in the system. The RBI reduced the reverse repo rate – the rate at which banks park their fund with the central bank – by 25 basis points to 3.75 per cent, to encourage banks to lend to the productive sectors of the economy.

Here are the live updates

RBI has decided to roll over the facility of Rs 15,000 crore for another 90 days in SIDBI

GDP growth in FY’21 expected to remain in the negative territory. Expect some pick-up in growth in H2

MPC believes that headline inflation should remain firm in the 1st half of 2020 and should ease in the second half of 2020

Exports have suffered their worst slump in the last 30 years

Food inflation has increased to 8.6% in April 2020

Industrial production shrank by 17% in March

Services PMI plunged to an all-time low in April

RBI is maintaining accommodative stance till growth revives

Value of global trade can contract by 13-32% this year

Global services PMI recorded the steepest decline in history

RBI MPC voted 5-1 in favour of 40 bps repo rate cut to 4%.

Reverse Repo gets adjusted to 3.35% from 3.75%

RBI Governor Shaktikanta Das announces repo rate cut of 40 bps

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