What Do RBI Announcements Mean For Common Man, Indian Economy Amid Coronavirus Lockdown

The Reserve Bank of India (RBI) on Friday massively reduced the key lending rates in response to the Covid-19 outbreak. The Monetary Policy Committee of the central bank in an unscheduled meet reduced the repo rate by 75 basis points to 4.40 per cent from 5.15 per cent.The measures announced by the FM yesterday and by the RBI today, are indeed bold and explicitly reflect Govt’s resolve to face the health & the economic crises head-on, with special focus on the distress of the common man, said Thomas John Muthoot, Chairman and Managing Director, Muthoot Pappachan Group.