RBI MPC Meeting: EMI moratorium extended, export credit period increased - 5 key takeaways from Shaktikanta Das' address
RBI MPC Meeting: In a bid to provide relief to the loan borrowers in India, the Reserve Bank of India (RBI) in its Monetary Policy Meeting decided to cut down the Repo Rate by 40 bps to 4 per cent.
RBI MPC Meeting: In a bid to provide relief to the loan borrowers in India, the Reserve Bank of India (RBI) in its Monetary Policy Meeting decided to cut down the Repo Rate by 40 bps to 4 per cent. The Central Bank of India reduced the Reverse Repo Rate to 3.35 per cent as well. This move is expected to give additional liquidity to the markets. However, the show stopper news in the RBI MPC meeting was extension of the loan EMI moratorium for another three months.
Hailing the EMI moratorium extension Keki Mistry, VC & CEO at HDFC Ltd. told Zee Business TV, "This is a good move because only 20-22 per cent loan borrowers have taken this EMI moratorium and things are still not clear about the impact of the Coronavirus. So, those who haven't opted for the EMI moratorium might think of availing the RBI EMI moratorium offer in coming fe months. So, it's a good move by the RBI."
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Here are the top 5 takeaways of the RBI MPC meeting:
1] RBI extends moratorium on loan repayments by three more months in view of COVID-19;
2] RBI increases export credit period to 15 months from 1 yr;
3] RBI to roll over Rs 15,000-cr refinance facility for SIDBI for 90 days'
4] Headline inflation may remain firm in first half of yr; ease in second half, falling below 4% in Q3/Q4 of FY21; and
5] RBI cuts policy repo rate by 40 basis points to 4 per cent and reduces Reverse Repo Rate to 3.35 per cent.
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