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RBI reduces repo rate amid coronavirus lockdown

Business News

RBI reduces repo rate

Interest rates on home loans and other loans can be reduced, which will provide relief to the common man.

The Reserve Bank of India (RBI) has cut the repo rate by 75 basis points amidst the panic of coronavirus and the disease causing COVID-19, bringing it to 4.4 per cent. It is believed that if banks also extend its benefits to the customers, then the interest rates on home loans and other loans can be reduced, which will give relief to the common man. Apart from the repo rate, the RBI has also cut the reverse repo rate by 90 basis points, which has now reached four percent.

The number of people who died due to Corona virus in India increased to 17 on Friday and the infected cases reached 724. The Health Ministry, in its latest data, reported that four people died in Maharashtra while three died in Gujarat. Two people have lost their lives so far in Karnataka while one person each died in Madhya Pradesh, Tamil Nadu, Bihar, Punjab, Delhi, West Bengal, Jammu Kashmir and Himachal Pradesh.

The number of cases of Covid-19 in the country is 640 in which patients are undergoing treatment while 66 people have either recovered or were discharged from hospital and one person has gone somewhere. The ministry said that 47 foreign nationals are also involved in 724 cases of infected people.

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