RBI injects Rs 3.74 lakh crore, gives EMI relief
- IndiaGlitz, [Friday,March 27 2020]
The Reserve Bank of India has announced rate cuts like never before, on Friday. In view of the economic slowdown in the country due to the national lockdown, RBI Guv Shaktikanta Das has injected a huge amount of liquidity.
Here are the highlights of the latest measures:
Repo Rate stands cut by 75 basis points to 4.4%.
Reverse Repo Rate cut by 90 basis points to 4%.
CRR of all banks to be reduced by 100 basis points to 3%.
The above will inject liquidity of Rs 3.74 lakh crore into the system.
What is more?
The RBI has provided a huge relief to borrowers. It has announced a 3-month moratorium on the payment of installments of loans outstanding on March 1, 2020.
Depositors, don't worry:
Depositors should not resort to panic withdrawal of their deposits. I urge those with deposits in private banks to not indulge in panic withdrawal. COVID-19 is upon us but this too shall pass. Stay clean, stay safe and go digital, Das said.