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'Banking system safe and sound', RBI assures depositors amid coronavirus scare

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Calling the coronavirus pandemic an ''unprecedented threat", the Reserve Bank of India, meanwhile, cut the repo rate by 75 basis points to 4.4 per cent and slashed reverse repo rate by 90 basis points to 4 per cent .

'Banking system safe and sound', RBI assures depositors amid coronavirus scare
RBI Governor Shaktikanta Das on Friday said that Indian banking system is safe and sound. While addressing a press conference, he said that in the recent past, COVID-19 related volatility in the stock market has impacted share prices of banks as well, resulting in some panic withdrawal of deposits from a few private sector banks.
"It would be fallacious to link share prices to safety of deposits," he added.
He further urged members of public as well as the public authorities, who have deposits in private sector banks, not to resort to any panic withdrawal of their funds.
Calling the coronavirus pandemic an ''unprecedented threat", the Reserve Bank of India, meanwhile, cut the repo rate by 75 basis points to 4.4 per cent and slashed reverse repo rate by 90 basis points to 4 per cent . The move will help in arresting the economic slowdown in the wake of coronavirus.
The RBI also put on hold EMI payments on all term loans for three months and cut interest rate by steepest in more than 11 years as it joined the government effort to rescue a slowing economy that has now got caught in coronavirus whirlwind.
For our detailed RBI coverage, click here
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