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Economy

India cuts key rates in surprise move to ease coronavirus shock

Economic growth to 'remain in negative territory' this year, says central bank

Shaktikanta Das, governor of the Reserve Bank of India, announced a surprise rate cut of four-tenths of a percentage point in hopes of easing the economic pain of the coronavirus.   © Reuters

NEW DELHI -- The Reserve Bank of India on Friday cut its benchmark interest rate 40 basis points to 4%, in a surprise move, as the novel coronavirus pandemic jolts the country's economy.

The central bank moved up its monetary policy committee meeting, which was scheduled for early June, to make the rate cut. The committee agreed on the size of the cut by a vote of 5 to 1. It also trimmed the reverse repo rate 40 basis points to 3.35%.

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