Coronavirus Pandemic: 'RBI has taken giant steps to safeguard our economy,' says PM Modi

Prime Minister Narendra Modi on Friday said the Reserve Bank of India (RBI) had taken giant steps to safeguard the economy from the impact of the coronavirus. The RBI cut the benchmark interest rate by 75 basis points to 4.4 per cent on Friday to deal with the hardship caused due to the outbreak of COVID-19. "The announcements will improve liquidity, reduce the cost of funds, help middle class and businesses," Modi said.

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