India's c.bank cuts rates again in off-cycle meeting to soften virus blow

Reserve Bank of India cut the repo rate by 40 basis points (bps) to the lowest on record at 4%. The reverse repo rate was also reduced by 40 basis points to 3.35%.

MUMBAI,: The Reserve Bank of India on Friday slashed its key policy rate for a second time this year in an emergency meeting to counter the impact from a two-month long lockdown to contain the spread of the novel coronavirus.

The central bank also extended a moratorium on loans to a total of six months after its governor Shaktikanta Das said the economy was expected to contract in the 2020/21 fiscal year.