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India Cuts Reverse Repo Rate By 25 Bps

India's central bank reduced its reverse repo rate, while maintaining the policy rate and ramped up liquidity measures amid the nation undergoing strict lockdown to curb the spread of coronavirus, or COVID-19.

The Reserve Bank of India lowered its reverse repo rate by 25 basis points to 3.75 percent from 4.00 percent, Governor Shaktikanta Das said in an unscheduled press conference. The policy repo rate remained unchanged at 4.40 percent.

The bank had earlier cut its policy rate by 75 basis points in March.

Further, the bank decided to conduct targeted long-term repo operations, or TLTRO, for an aggregate amount of INR 500 billion.

In order to conserve capital, the central bank instructed banks to avoid dividend payouts.

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