Indian banking system safe and sound: RBI Governor Shaktikanta Das

Hindustan Times | Mar 27, 2020 at 6:10 AM
  • The Reserve Bank of India (RBI) governor Shaktikanta Das said on Friday Indian banks are safe and there is no need to resort to panic withdrawals as he announced several measures to counter economic fallout from a fast-spreading coronavirus in the country.
  • RBI also cut the repo rate by 75 basis points to 4.40% and reduced reverse repo rate by 90 basis points to 4%.
  • It also decided to reduce the cash reserve ratio (CRR) of all banks by 100 basis points to 3% from 4% of net demand and time liabilities with effect from the fortnight beginning March 28 for a period of one year.