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Quick look 8: RBI rate cut and Cyclone Amphan

Siddharth Mathew Cherian | Updated on May 24, 2020 Published on May 24, 2020

Hello and welcome to Quick look, I am your Host Siddharth Mathew

The Monetary Policy Committee of the Reserve Bank of India voted for an off-cycle repo rate cut of 40 basis points from 4.40 per cent to 4 per cent.

The Reserve Bank of India also announced a host of measures, including extension of the moratorium on debt servicing for three more months up to August thirty first. These measures were aimed to prevent the transmission of financial stress to the real economy.

On May twenty and May twenty one Cyclone Amphan brushed past Odisha’s coast and rendered lakhs homeless in West Bengal.

Agitated residents blocked roads in several areas in south Kolkata on Saturday and demanded the restoration of electricity and water supply. The water supply and electricity were unavailable since Wednesday afternoon.

Prime Minister Narendra Modi had conducted an aerial survey of the affected areas in South and North 24 Parganas districts on Friday. The survey was done along with the West Bengal Governor and the West Bengal Chief Minister Mamta Banerjee

Will the RBI move help bring stability to India's economy? Will West Bengal bounce back after Cyclone Amphan? listen in to our next episode to find out more.

So till next week -Stay home, stay safe

Published on May 24, 2020