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Mumbai, Mar 27: Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said that Monetary Policy Committee (MPC) has taken note of the global economic activity coming to a near standstill due to the coronavirus pandemic and added that large parts of the world could slip into recession in the coming days to the coronavirus crisis.
"The MPC noted that global economic activity has come to a near stand-still as COVID-19 related lockdowns and social distancing are imposed across a widening swath of affected countries. Expectations of a shallow recovery in 2020, from 2019's decade low in global growth, have been dashed," Das said.
"The outlook is now heavily contingent upon the intensity, spread and duration of the pandemic. There is a rising probability that large parts of the world will slip into recession," he added.
The RBI Governor further added that "the implied GDP growth of 4.7 per cent in Quarter 4 of 2019-20, in the second advance estimates of the National Statistics Office which was released in February 2020, within the annual estimate of 5 per cent for the year as a whole is now at risk."
As per the outlook for the year 2020-21, Das said, "Apart from continuing resilience of agriculture and allied activities most other sectors of the economy will be adversely impacted by the pandemic depending upon, its intensity, spread and duration."
Das also announced a reduction in the repo and reverse repo rates for banks.
"The repo rate has been reduced by 75 basis points to 4.4 per cent. The reserve repo rate has been reduced by 90 basis points to 4 per cent," Das said addressing the media.
The decision for "a sizeable reduction" in the policy repo rate, according to the RBI Governor was taken to "revive growth and mitigate the impact of COVID-19 and ensure financial stability." 

Mumbai, May 22: The Reserve Bank of India (RBI) on Friday reduced repo rate by 40 basis points to 4 per cent in an effort to further boost liquidity in the economy which has been reeling under the impact of COVID-19 induced countrywide lockdown.

As a result, the reverse repo rate stands at 3.35 per cent, said RBI Governor Shaktikanta Das. The six-member monetary policy committee (MPC) voted 5:1 in favour of the decision.

Repo rate is the rate at which a country's central bank lends money to commercial banks, and the reverse repo rate is the rate at which it borrows from them. 

Jammu, Jan 25: People in Jammu and Kashmir expressed happiness over the restoration of mobile data services and internet access through fixed-line across the Union Territory on Saturday.

Speaking to ANI Jitendra Sharma, a resident of Jammu said, "The government has taken a good decision. People had been facing hardship for a long period and I think it will improve further."

"It is a big relief to people. People can finish their pending work. I hope that 4G services will also be resumed soon," said a resident of Kashmir.

The internet speed is restricted to 2G only.

"Access shall be limited only to whitelisted sites and not to any social media applications allowing peer to peer communication and virtual private network applications. Directions shall be effective from January 25 and will remain in force till January 31," the statement by the government read.

Earlier on January 15, 2G services were reinstated in Jammu, Samba, Kathua, and Udhampur for white-listed sites.

The Central government had suspended the internet in the region following the abrogation of Article 370 of the Constitution on August 5 last year, which conferred special status to the erstwhile state of Jammu and Kashmir, and its bifurcation into two Union Territories -- Ladakh, and Jammu and Kashmir.