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Reduction in Repo-Rate Will Help Middle Class and Businesses: PM Modi

PM Modi said that the reduction in repo rate will by RBI will "help middle class and businesses".
Hours after RBI made the announcement, PM Modi tweeted, "Today, the RBI has taken giant steps to safeguard our economy from the impact of the coronavirus."
"The announcements will improve liquidity, reduce the cost of funds, help middle class and businesses," PM Modi further tweeted.
Earlier in the day, RBI Governor Shaktikanta Das announced a cut of 75 basis points in the repo rate to 4.4% and reverse repo-rate has been reduced by 90 basis points to 4%.
RBI has decided to reduce the Cash Reserve Ratio of all banks by 100 basis points to 3% of net demand & time liabilities with effect from the fortnight beginning March 28 fo 1 year.

Also Read: Repo Rate Reduced to 4.4% and Reverse Repo Rate to 4%: RBI Governor Shaktikanta Das

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