COVID-19: Businesses Welcome RBI Rate Cut

The Reserve Bank of India has announced a slew of measures to alleviate the effect of the novel Coronavirus on the economy. It reduced interest rates by 75 basis points (bps) to 4.40% with immediate effect, and continued its accommodative stance.Thomas John Muthoot, chairman and managing director, Muthoot Pappachan Group.

Various measures to nudge banks to lend and to inject liquidity into the system, will help in passing the benefit to potential borrowers; people with small businesses, self-employed and so on, are in a dire situation right now, with everything shut down.