-
Mar 27, 2020
-
RBI Live: Shaktikanta Das allows to pause loan EMIs for 3 months; announces 75 bps emergency repo rate cut
Shaktikanta Das has announced 75 basis points cut in repo rate, effectively taking the repo rate to 4.4% from the earlier 5.15%. Along with this, RBI has allowed banks and financial institutions to put a moratorium on term loans. Shaktikanta Das added that the MPC refrained from projecting inflation and growth this time as the situation was too volatile. The RBI has also announced a comprehensive package, including measures to expand liquidity, steps to reinforce monetary transmission, efforts to ease financial stress by relaxing repayment and endeavour to improve the functioning of the market. “The world is fighting an invisible assassin,” Das said while he announced a slew of measures, including measures to infuse liquidity and a 3-month moratorium on term loans. The RBI Governor has clarified that the non-payment of EMIs during the moratorium period will not result in asset classification downgrade.
Source -
https://www.financialexpress.com
|