ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Economy

India slashes rates to decade-low level to ease coronavirus impact

Surprise move comes with three-month nationwide loan moratorium

Reserve Bank of India Gov. Shaktikanta Das has stepped in to reduce the economic fallout from the COVID-19 pandemic.   © Reuters

NEW DELHI -- The Reserve Bank of India on Friday cut the benchmark interest rates by 75 basis points to 4.40% in a surprise move that comes amid concerns over economic fallout from the global outbreak of COVID-19.

According to historical data since 2003 provided by RBI, the lowest interest rate was 4.75% from April 2009 to March 2010, just after the global financial crisis. The central bank not only cut rates but also announced a three-month loan moratorium, bringing relief to borrowers with home and car loans, among others.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more