RBI cuts repo rate to a record low by 40 bps

The repo reduction marked the lowest repo rate or the key interest rate at which the RBI lends short-term funds to commercial banks.
Akarsh Phanindra

Updated: May 22,2020 02:03:34 pm

RBI cuts repo rate to a record low by 40 bps

22 May 2020 Current Affairs:The Reserve Bank of India (RBI) cuts repo rate by 40 basis points (bps) to 4% from 4.4% on 22 May. The Central Bank also adjusted the reverse repo rate to 3.35% from 3.75%. The announcement was made by RBI Governor Shaktikanta Das.

Highlights:
♦ The repo reduction marked the lowest repo rate or the key interest rate at which the RBI lends short-term funds to commercial banks. This is the reduction that has been recorded since 2000. 
♦ The reduction in the key interest rate will allow banks to reduce the Equated monthly installments (EMI) burden for their borrowers.
♦ RBI also extended the loan moratorium, which allows banks to defer EMI payments by their customers, by another three months till August 2020.

Background:
On 27 March 2020, RBI slashed the benchmark interest rate by 75 bps and also announced a 3-month moratorium to be given by banks to provide relief to borrowers whose income has been hit due to the lockdown. RBI also introduced several steps to ease the pressure faced by borrowers, lenders, and other entities. RBI took more initiatives to deal with the COVID-19 pandemic.
Free Current Affairs to Your Email

Latest Current Affairs 2020

Indian Affairs

UN lists khudol of Manipur as one of top 10 global initiatives to fight COVID-19 pandemic

May 23,2020 06:16:58 pm
The initiative aims to ensure food supplies and health services for the people living with HIV, daily-wage earners, LGBTQI+ community, children, and adolescents.
Fresherslive . 2 days ago
Appointments / Resign

Abhas Jha appointed by World Bank to Key position on Climate Change, Disaster Management in South Asia

May 23,2020 06:13:09 pm
Jha will help the South Asia region (SAR) Disaster Risk Management and Climate Change team to connect and collaborate across Global Practice boundaries.
Fresherslive . 2 days ago
Science & Technology

ICMR to use Kangra Tea to lower coronavirus activity better than HCQ

May 23,2020 06:11:50 pm
The chemicals in Kangra tea will be effective in boosting immunity as they can block coronavirus activity better than anti-HIV drugs.
Fresherslive . 2 days ago
Science & Technology

CeNS develops cup-shaped design mask to tackle COVID-19 spread

May 23,2020 05:10:45 pm
The newly developed snug fit mask causes no speech distortion, no fogging on glasses, and indeed, packs well all around. It is designed in a way that the mask leaves practically no room for leakage while breathing.
Fresherslive . 2 days ago
Science & Technology

IIT-M developed Parabolic Trough Collector to help manufacturers in solar energy devices

May 23,2020 05:09:48 pm
The Trough Collector is a lightweight and low-cost system with high energy efficiency and can operate under the country's varied climatic conditions.
Fresherslive . 2 days ago
Indian Affairs

GoI launched five key initiatives to conserve biodiversity

May 23,2020 05:08:34 pm
UNEP Campaign on Illegal Trafficking of Endangered Species: Not all Animals Migrate by Choice initiative was launched.
Fresherslive . 2 days ago
Science & Technology

IASST develops electrochemical sensing platform for detecting carcinogenic and mutagenic compounds in food

May 23,2020 10:14:32 am
It will detect carcinogenic or mutagenic compound N-nitrosodimethylamine (NDMA) and N-nitrosodiethanolamine (NDEA) that are found in food items like cured meat, bacon, some cheese, and low-fat milk.
Fresherslive . 2 days ago
Important Days

International Day to End Obstetric Fistula is observed on 23 May

May 23,2020 09:55:48 am
The United Nations first observed the International Day to End Obstetric Fistula in 2013. The day aims to raise awareness of this issue and mobilize support around the globe.
Fresherslive . 2 days ago
Schemes

Madhya Pradesh to launch Everybody will get employment scheme

May 22,2020 02:02:45 pm
Under this scheme, Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) job cards will be distributed to the labourers.
Fresherslive . 3 days ago
Banking & Finance

RBI announced Rs.15,000 crore LoC to EXIM Bank to raise its resources

May 22,2020 01:41:46 pm
The EXIM Bank will be given LoC of Rs.15,000 crore for a period of 90 days from the date of availing with rollover up to a maximum period of one year.
Fresherslive . 3 days ago

Daily Current Affairs 2020



Subscribe to Current Affairs

Enter your email to get daily Current Affairs
Current Affairs PDF

Current Affairs 2020 May

May 23
News Quiz
May 22
News Quiz
May 21
News Quiz
May 20
News Quiz

Current Affairs 2020 April

April 30
News Quiz
April 29
News Quiz
April 28
News Quiz
April 27
News Quiz

Current Affairs 2020 March

March 31
News Quiz
March 30
News Quiz
March 29
News Quiz
March 28
News Quiz