RBI Projects Economic Contraction In 2020-21, Markets Decline

PUBLISHED ON: May 22, 2020 | Duration: 1 min, 54 sec

  
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The RBI cut the repo rate - the key interest rate at which it lends short-term funds to banks - by 40 basis points to 4 per cent in a surprise move on May 22. RBI Governor Shaktikanta Das said the central bank expects the country's GDP to contract in the current financial year, denting market sentiment.
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