MUMBAI (Reuters) – The Reserve Bank of India (RBI) slashed interest rates on Friday, following other central banks, in an emergency move to counter economic fallout from a fast-spreading coronavirus.

The RBI said it was maintaining its “accommodative” stance, and would maintain its position “as long as necessary” to revive growth, while ensuring inflation remained within target.

The bank’s six-member monetary policy committee (MPC) held a meeting this week by video conference to arrive at its decision.

It cut the repo rate by 75 basis points to 4.40%, in line with expectations. The reverse repo rate was reduced 90 basis points to 4%.