COVID-19 outbreak: RBI reduces Cash Reserve Ratio of all banks by 100 bps for 1 year

The Reserve Bank of India on March 27 reduced the Cash Reserve Ratio (CRR) of all banks by 100 basis points to 3 percent of Net Demand and Time Liabilities with effect from the fortnight beginning March 28 for a period of one year. The decision was announced by RBI Governor in view of coronavirus pandemic which has put the Indian economy to a standstill.