TIL Desk/Business/New Delhi/ The banking system in India is safe; deposits are safe in private bank; public should not resort to panic withdrawal. Macroeconomic fundamental stronger than those in aftermath of 2008 financial market crisis, RBI governor Shaktikanta Das said.
To bring you up to speed, the Reserve Bank of India on Friday cut benchmark interest rate by 75 basis points to 4.4 per cent to deal with the hardship caused due to the outbreak of COVID-19.
The central bank also reduced the cash reserve ratio of all banks by 100 basis points to 3 per cent with effect from March 28 for 1 year. RBI will maintain accommodative stance, while announcing decisions of Monetary Policy Committee. MPC voted for sizeable reduction in interest rate,” he said.
