RBI cuts rate by 75 bps, steepest in over 10 years; you can defer EMIs by 3 months

The Reserve Bank of India on Friday cut interest rates by 75 basis points (bps)—the sharpest in over a decade. It also made available Rs 3.74 lakh crore of additional liquidity to banks and allowed almost all borrowers to defer loan repayments by three months.

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