RBI Governor Shaktikanta Das unveiled the measures to ease liquidity and bank credit and to support the economy and enable normal functioning of markets, as part of the economic relief to mitigate the fallout of coronavirus lockdown.  He cut the reverse repo rate by 25 basis points to 3.75%, while keeping the repo rate unchanged, in emergency measures to provide more relief to an economy fighting the fallout of coronavirus.

Earlier, last month, the RBI advanced its Monetary Policy Committee meet and cut the repo rate by a massive 75 basis points, among other emergency measures, to add to the government's economic relief to mitigate the fallout of the coronavirus and the lockdown.

Before that, Finance Minister Nirmala Sitharaman had announced a mega economic relief package worth about Rs 1.7 lakh crore, which included insurance for health workers; higher wages reaching up to 5 crore families under MGNREGA employment scheme; free wheat, rice and pulses distribution for three months to 80 crore people; cash transfers for three months to poor women. Even before that, RBI had announced mega liquidity measures, pumping in money into the system via LTROs.

However, there have been calls on the RBI to further ease requirements for the non-banking finance companies, which still need to repay their dues to banks on time.