Moratorium On Bank Loans Extended For Another 3 Months, Some Relief For Economy: RBI Governor’s Press Brief

In the first press briefing by Reserve Bank of India (RBI) Governor Shaktikanta Das, since the Finance Minister announced the stimulus package to deal with the pandemic, has announced some key measures and noting that the “global economy has been crippled by COVID-19”. The brief provided some significant relief, economically, for India, for the time being.

Some of the points mentioned by Governor Das included, reduction in the repo rate to 4%, and an ease for people who have borrowed form the bank, in the form of loan moratorium that have now been extended till August.

Governor Shaktikanta Das also noted that the agricultural activities have provided some hopeful news. This perhaps also suggests the easing of lockdown inching towards re-opening up the economy and trying to build back industries.

 

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