Saturday, 23 May, 12.30 am India Herald Group

Tamilnadu News
RBI Governor extends Moratorium on Term Loans for another 3 Months

Accordingly bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) governor Shaktikanta Das on friday announced that the central bank has decided to reduce the repo rate by 40 basis points from 4.4 per cent to 4 per cent. Shaktikanta Das said, the bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>rbi has also decided to reduce the reverse repo rate to 3.35 per cent. As per report Shaktikanta Das said the decision to cut the repo rate by 40 basis points was taken after a 5:1 vote among the six-member monetary policy committee, adding that the bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>rbi has maintained an accommodative stance and it would keep supporting the economy till required.

Addressing a press conference, Shaktikanta Das said the global economy is set to fall into recession because of the disruption caused by the Covid-19 pandemic. He said however a small ray of hope for india is from the good yield in the Rabi season and a normal monsoon predicted by the india Meteorological Department. "Private consumption in india has seen biggest blow due to Covid-19 outbreak and the investment demand has halted," Shaktikanta Das said. He added that due to the Covid-19 crisis, government revenues have been impacted severely. The bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>rbigovernor also said that India's GDP growth in 2020-21 is set to be in the negative.

"India is seeing a collapse of demand. There is a dip in electricity and petroleum product consumption, along with fall in private consumption," Shaktikanta Das said. Shaktikanta Das that announced broad relief measures packed in four categories which are aimed at improving domestic stock market performance, supporting exports and imports, giving relief on debt servicing and better access to working capital and also to ease financial constraints faced by state governments. bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>rbi has also announced a three-month extension of the moratorium on term loans till august 31. Das said the decision was taken on account of continued disruption caused by Covid-19 lockdown to help citizens and companies.Lastly, the bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>rbigovernor assured that the central bank will keep supporting the indian economy throughout the recovery process. It said even more policy measures will be introduced if the inflation outlook is back within their target zone of four per cent by the third quarter of the current financial year.



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Source: India Herald - SIBY JEYYA
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