<h1>Governor Announces 40 Basis Points Repo Rate Cut to 4.0% Amid COVID-19 Economic Challenges; Supports Growth and Stability.</h1> The Governor's statement addresses the economic impact of COVID-19, highlighting a global recession and severe domestic economic disruptions. The Monetary Policy Committee (MPC) held an off-cycle meeting, reducing the policy repo rate by 40 basis points to 4.0% to support growth and mitigate COVID-19's impact. The statement praises healthcare and essential service workers while outlining measures to ease financial stress, including extended loan moratoriums and increased bank exposure limits. It emphasizes the need for confidence and financial stability, with the RBI ready to use all tools to support the economy and ensure access to finance, especially for vulnerable sectors.