India’s central bank cuts benchmark rate to decade-low 4.4%

Business Insider | Mar 27, 2020 at 12:00 AM
  • India’s central bank on Friday cut its key interest rate by a sizable 75 basis points to 4.4% from 5.15% to ease financing troubles caused by the coronavirus outbreak and help revive the economy.
  • The announcement by RBI Governor Shaktikanta Das came a day after India’s finance ministry announced a 1.7 trillion ($22 billion) economic stimulus package.
  • The RBI will also allow banks a 3-month moratorium on payments of installments on loans.