Coronavirus cases in India crossed 700 as the Indian government unveiled a Rs 1.7 lakh crore stimulus to help those hit by the 21-day lockdown in the country. The number of deaths around the world from the novel coronavirus cases has crossed 21,000. Stay with TOI for the latest developments
The RBI, today, cut the repo rate and reserve repo rate by 75 basis points and 90 bps, respectively (100 basis points/bps = 1 per cent). The repo rate now stands at 4.4 per cent and reserve repo rate at 4 per cent. The apex bank last cut rates in its October 2019 monetary policy review. This emergency meet was rescheduled from the original RBI MPC which was to take place on April 3, 2020.
Here is a look at how today's rate cut will impact fixed deposit (FD) investors and borrowers, both existing and new.