RBI Governor Shaktikanta Das Says Banks, NBFCs Can Allow 3-month Moratorium on Loans, Announces Big Rate Cuts

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RBI Governor Shaktikanta Das Says Banks, NBFCs Can Allow 3-month Moratorium on Loans, Announces Big Rate Cuts

Coronavirus Pandemic LIVE Updates: Reserve Bank of India Governor Shaktikanta Das today announced a cut in the repo rate by 75 basis points and that in reverse repo rate by 90 basis points to help the economy tide over the coronavirus distress. Das also announced that banks and NBFCs can allow a 3-month moratorium on loans.

“MPC (Monetary Policy Committee) noted that global economic activity has come to a near stand-still as Covid-19 related lockdowns & social distancing in affected countries. Expectations of a shallow recovery in 2020 from 2019’s decade low in global growth have been dashed,” he added.