RBI gives exporters, importers liquidity and more time amid Covid-19 crisis

RBI took cognizance of the difficult situation amid the global coronavirus crisis and announced a number of measures for the export and import sector

Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday announced a slew of measures to help country's exporters and importers amid a slump induced by the global coronavirus crisis. The announcements were part of the RBI's surprise decision to advance its monetary policy statement by at least 10 days.

In his statement, Das said the monetary policy committee unanimously decided to slash the repo rate, with a 5:1 majority voting in favour of a 40-basis-point reduction to 4 per cent. The reverse repo rate was also brought down to 3.35 per cent. The central banks' stance on inflation and outlook