Mumbai: A day after Modi govt began its economy rescue in right earnest with a Rs 1.70 lakh crore coronavirus counter, the Reserve Bank of India joined the big fight today with a host of measures aimed at minimising the damage from Covid-19.
These measures come just hours after Moody’s Investors Service cut India’s growth forecasts for 2020 calendar year to 2.5% from 5.3%. The MPC decided by 4-2 majority to reduce repo rate by 75 basis points to 4.4 per cent.
The reverse repo rate was cut by 90 bps to 4 per cent, creating an asymmetrical corridor.
The great EMI relief. A moratorium of three months of EMIs on all outstanding loans was announced.ET Reported.
The statement says: “All commercial, regional, rural, NBFCs and small finance banks are being permitted to allow 3-month moratorium on payment of instalments in respect of all term loan EMIs outstanding on March 31.”
For the next three months, no EMI would be deducted from the account of anyone who has a loan outstanding. And all this without any hit on credit score. EMIs will resume after the moratorium period gets over.
This is going to be a huge relief for all EMI payers, especially for those such as the self-employed whose income had become uncertain in the wake of the lockdown.
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