All eyes were on the Reserve Bank of India (RBI), with expectations that the central bank would shore up the fortunes of the broken debt markets. There were debates as to whether the RBI will wait for the Monetary Policy Committee meeting that was scheduled for April 3 or would it go for the jugular earlier.The governor beamed on television this morning. Even before presenting all the other measures per se, the first announcement was that the Monetary Policy Committee meeting has already taken place, and that the announcements are happening now!Sharp rate cutsClose The first shot: a repo rate reduction of 75 basis points, from 5.15 per cent to 4.4 per cent. That was like a “sixer.” Even though market participants were calling for large rate cuts, at least as a morale booster, it is a different game on the other side of the table. related news RBI asks banks to offer 3-month moratorium as default with option to opt out: Report Moratorium: Skipping three EMIs? Be ready to pay 16 more instalments RBI loan moratorium scheme: Banks, HFCs tread cautiously on EMI deferral offer The second “boundary,” was the reduction in the reverse repo rate by 90 basis… Read full this story
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