Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday announced rate cuts to mitigate the negative impact of coronavirus on the economy. He announced a cut of 75 basis points in the repo rate to 4.4 per cent, after an unscheduled meeting of its Monetary Policy Committee. Repo rate is the key interest rate at which the RBI lends short-term funds to commercial banks. Four out of the six members of the Monetary Policy Committee voted in favour of the move. The announcement came as India entered the third day of a 21-day countrywide lockdown to curb the rapid spread of coronavirus, which has infected nearly 700 in the country.