Mumbai, April 7: Following a spurt in Coronavirus cases and the imposition of fresh restrictions to check the virus spread, the Reserve Bank of India (RBI) on Wednesday decided to maintain the status quo on the benchmark repo rate — the rate at which the central bank lends short-term funds to banks — at 4 percent.

Announcing the bi-monthly monetary policy review today, the RBI maintained the status quo as all six members of

monetary policy committee unanimously gave a decision.

It also kept the accommodative monetary stance unchanged today to nurture a fragile economic recovery.

The policy announcement, the first for the fiscal, will come days after the government maintained the RBI’s target to ensure inflation to be within 2-6 percent band for five more years.

Policy repo rate or the short-term lending rate is currently at 4 percent and reverse repo rate 3.35 percent.(UNI)