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RBI cuts repo rate by 0.75% to 4.40% amid Covid-19 outbreak

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Reserve Bank of India slashed policy repo rate -- the rate at which RBI lends short term money to banks-- by a massive 75 basis points to 4.40% from 5.15% earlier, keeping in view the current lockdown situation to combat the spread of Covid-19. RBI Governor Shaktikanta Das in a remote address said that the MPC committee advanced their meeting to March 24-March 27 as compared to April1-3 scheduled earlier.

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