Reserve Bank of India Governor Shaktikanta Das has allowed banks to provide a 3-month moratorium on EMI repayments. Das has announced a Monetary Policy Committee (MPC) in view of the COVID-19 crisis and voted for a massive reduction in repo rate in order to mitigate economic risks. He has reduced the repo rate by 0.75 basis points to 4.4 percent to revive growth as India battles the effects of pandemic. RBI also reduced the Cash Reserve Ratio (CRR) of all banks by 100 basis points to 3% net demand.
*Please create a profile first to EARN & REDEEM points
RBI Governor Shaktikanta Das allows a 3 months moratorium on EMIs
We are building a board of industry expert to help us verify important news stories. If you would like to empanel yourself, please click here.