LIVE BLOG: RBI reduces key repo rate by 75 basis points to 4.4% to revive growth amid crisis

#COVID19 stocks the global economy and the outlook is highly uncertain & negative. Several nations are battling its exponential contagion. Countries are shutting down to prevent being sucked into a kind of black hole: RBI Guv

India has locked down economic activity and financial markets are under severe stress. Finance is the lifeline of the economy, keeping it following is the paramount objective of the Reserve Bank of India at this point of time:

It has been decided to reduce the Cash Reserve Ratio (CRR) of all banks by 100 basis points to 3% of Net Demand and Time Liabilities with effect from the fortnight beginning March 28 for a period of 1 year

“I leave you with this comforting thought: Stay clean, stay safe and go digital”: RBI Guv

CRR lowered to 3% for all banks: RBI Guv

Since the last MOC meeting, the RBI has injected 2.8 lakh crore in the economy equivalent to 1.2 percent of the GDP

All commercial banks are being permitted to allow 3 month moratorium on payment of installments on all term loans as on Mar 1 2020: RBI GuV

Decided to widen policy rate corridor to 50 basis points to 65 basis points: RBI Guv

The outlook is now heavily contingent upon the intensity, spread & duration of the pandemic. There is a rising probability that large parts of the world will slip into recession: RBI Governor

MPC (Monetary Policy Committee) noted that global economic activity has come to a near stand-still as #COVID19 related lockdowns & social distancing in affected countries. Expectations of a shallow recovery in 2020 from 2019’s decade low in global growth have been dashed: RBI Guv

“We are living in an extraordinary and unprecedented situation. A war effort has to be mounted to combat the virus,” says RBI governor, Shaktikanta Das,

All stakeholders including banks have to work together to fight this:RBI guv

COVID19 will push an uncertain outlook never seen before: RBI Guv