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All banks, lending institutions can allow three-month moratorium on all loans: RBI Governor



All banks, lending institutions can allow three-month moratorium on all loans- RBI Governor

Here are important points from RBI governor press conference on Coronavirus:

  1. RBI chief’s presser comes after Centre declares COVID-19 relief package for poor

    RBI chief Shaktikanta Das will address media at 10 am, the central bank has tweeted, as economic uncertainty prevails amid nationwide lockdown over coronavirus pandemic. The RBI Governor’s address comes a day after the central government announced Rs 1.75-lakh-crore stimulus package to help the poor and migrants tackle the financial difficulties arising from the coronavirus (COVID-19) outbreak.

  2. RBI cuts repo rate by 75 basis point

    The RBI governor Shaktikanta Das announced that the RBI repo rate was cut by 75 basis points during a media briefing on Friday. The cut has been made to encourage banks to give more to business rather than deposit it with RBI. We hope to mitigate the negative effect of COVID-19 on the economy with these efforts

  3. If COVID-19 prolongs, supply chain could get disrupted, says RBI

    Shaktikanta Das, RBI Governor on Friday said that if COIV19 case prolongs and the supply chain could get disrupted and it could jeopardise India’s growth. “We hope that drop in crude oil prices will help India,” he said.

  4. Repo rate at 4.20% VS earlier 5.15%, says RBI

    The RBI governor announced that the Repo rate stands at 4.20 percent now vs 5.15 percent earlier. He also said: “We are not giving out inflation and growth projection numbers due to the uncertain conditions.”

  5. World may slip into recession, says RBI

    The RBI governor on Friday said that there was a rising probability that large parts of the world economy could slip into a recession. He noted that tough times were ahead but they don’t last, ‘only tough institutions do’.

  6. LAF cut to 4%; Reverse repo-rate reduced by 90 basic points, says RBI chief

    The RBI on Friday cut LAF by 90 bps to 4 percent.  It also announced that the Reverse repo-rate has been reduced by 90 basis points to 4%

    India has locked down economic activity. Keeping finance flowing is the ‘paramount objective’ of the RBI, while India has locker down economic activity and financial activity is under severe stress, noted the RBI chief.

  7. MPC says global economy to come to ‘standstill’

    The MPC (Monetary Policy Committee) has noted that global economic activity has come to a near stand-still as COVID19 related lockdowns and social distancing in affected countries. “Expectations of a shallow recovery in 2020 from 2019’s decade low in global growth have been dashed,” said the RBI chief.

  8. Cash Reserve Ratio cut by 100 bps to 3%, says RBI governor

    The RBI decided to reduce the Cash Reserve Ratio (CRR) of all banks by 100 basis points to 3 percent of Net Demand and Time Liabilities with effect from the fortnight beginning 28 March for a period of 1 year.

    The RBI chief said that measures will result in total liquidity injection of Rs 3.74 lakh crore to the system.

  9. 3-month moratorium on all loans

    The RBI on Friday announced that all banks, lending institutions may allow a three-month moratorium on all loans. He added that lending companies, banks are allowed tom defer interest on working capital repayments by three months.

    Banks may also reassess working capital cycle and will not be treated as non-performing assets, he said. Mitigating debt servicing burden to prevent transmission of financial stress to the real economy, provide relief to borrowers said RBI chief Shaktikanta Das.

    He also said that a three-month moratorium has been decided on payment of installments of loans outstanding on 1 March 2020.

  10. NSFR deferred to October

    Offshore Rupee NDF Market has been growing rapidly, noted the RBI. Net Stable Funding Ratio (NSFR) which was required to be introduced from April 1, 2020, is now defer to October, 2020.

  11. Indian banking system is safe and sound, says Das

    The RBI governor assured citizens that the Indian banking system is safe and sound. “In recent past COVID-19 related volatility in stock market has impacted share prices of banks as well resulting in some panic withdrawal of deposits from a few private sector banks.” he said.

    He urged people to not panic withdraw their deposits from banks. “Your funds are safe,” he said.

  12. RBI taking measures to ensure liquidity in system, assures governor

    The RBI has injected liquidity of Rs 2.8 lakh crore via various instruments equal to 1.4 percent of GDP. “Along with today’s measures liquidity measures equal to 3.2% of GDP. RBI will take continuous measures to ensure liquidity in the system,” said Shaktikanta Das in his address.

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