RBI Governor Shaktikanta Das Highlights | Repo Rate

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RBI Governor Shaktikanta Das Highlights Repo
Rate
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Shaktikanta Das Highlights RBI defers loan
repayments by 3 more months cuts repo rate 40
bps, eases monetary policy RBI Governor
Shaktikanta Das Press Conference Highlights
Reserve Bank of India has extended the moratorium
on loan repayments by another three months to 31
August 2020, while it also cut policy repo rate
by 40 basis points to 4.0 after an unscheduled
meeting of the Monetary Policy Committee. The
Reserve Bank of India today announced several
monetary easing measures, including extending
moratorium on loan repayments by another three
months, and an emergency cut in the policy repo
rate. Governor Shaktikanta Das today said that
the Monetary Policy Committee, after an
unscheduled meeting, cut policy repo rate by 40
basis points to 4.0. The RBI Monetary Policy
Committee voted unanimously for reduction in the
policy repo rate, while voted 51 in favour of
the quantum of the cut, Shaktikanta Das said.
Consequently, the reverse repo rate now stands
reduced to 3.35, while the MSF rate is down to
4.25.
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To ease the financial stress on people and
businesses, Shaktikanta Das said that the RBI has
also allowed deferment of repayments of loans and
working capital by another three months from June
1 to August 31 due to lockdown extension.
Shaktikanta Das, while laying out the economic
conditions prevailing in India amid the ongoing
coronavirus crisis, also said that food inflation
may remain under supply side shock, and that the
elevated level of inflation in pulses is
worrisome. RBIs announcement follows the mega
Rs 21 lakh crore economic package announced by
the Narendra Modi government recently. In the
wake of the ongoing coronavirus pandemic, RBI has
so far announced various liquidity and monetary
measures, totalling an economic value worth Rs 8
lakh crore. Meanwhile, FY21 GDP is expected to
remain in negative due to the coronavirus
pandemic. Reference Website https//www.financi
alexpress.com/
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