RBI reduces repo rate by 75 basis points to 4.4%, reverse repo rate reduced by 90 basis points to 4%

The Reserve Bank of India today reduced the repo rate by 75 basis points to 4.4%. Shaktikanta Das, the RBI governor said in his press conference that the reverse repo rate has also been reduced by 90 basis points to 4%. He said RBI is working to address the financial issues faced by the country amid the coronavirus outbreak. Das said the reserve bank members are working in sync with IT team to prepare a plan.