March 16, 2020 / 11:26 AM / 15 days ago

India's central bank unexpectedly slashes repo rate by 40 bps

MUMBAI, May 22 (Reuters) - The Reserve Bank of India on Friday unexpectedly slashed its key policy rate for a second time this year, in a move to counter the economic fallout from an ongoing nationwide lockdown to contain the spread of the novel coronavirus.

It cut the repo rate by 40 basis points to 4%. The reverse repo rate was also reduced by 40 basis points to 3.35%.

In a video conference, RBI Governor Shaktikanta Das said the central bank’s Monetary Policy Committee (MPC) had voted to maintain its “accommodative” stance.

Reporting by Swati Bhat and Chris Thomas Writing by Euan Rocha Editing by Shri Navaratnam

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