RBI Governor Of India: Addressing a press conference, Reserve Bank of India (RBI) Governor Shaktikant Das said the Coronavirus crisis has brought great relief to the common man. First, the EMI mortgage, that is, now the EMI of the loan is not allowed to be repaid till August. The other big announcement came with a 4% cut in the reverse repo rate. This decision could lower the EMI of ordinary citizens.
At the same time, the RBI has reduced the reverse repo rate from 3.75 per cent to 3.35 per cent. He further said that the inflation rate is still likely to remain below 4%, but the price of many items may go up due to the lockdown.
Big Announcement from RBI governor of India
- Moratorium facility on term loan has been extended for 3 months. People who take loans from banks will get great relief.
- The moratorium period and other concessions are being extended for three months as the lockdown increases.
- EMIs are now exempt from June 1 to August 31. This was previously arranged for three months.
- The moratorium period will now be arranged for a total of 6 months. Interest on the moratorium period can be paid till March 31, 2021.
Reverse Repo Rate Reduced From 3.75 to 3.35
- RBI Governor of India Shaktidas Kant has cut the reverse repo rate by 4%. At the MPC meeting, 5-6 members agreed to lower interest rates, the governor said.
- This decision will make EMI cheaper on all types of loans including home loans, car loans, personal loans.
- Earlier in March, the repo rate was cut by 0.75 per cent.
The GDP Growth Rate May Negative
- The GDP growth rate for the current financial year may remain negative.
- Let it be known that many big agencies of the world have already announced about this.
Inflation Is Expected To Rise
- Inflation is expected to rise due to the lockdown.
- With good monsoon, there is a lot of hope for agriculture.
- The imbalance between supply and demand has upset the economy.
- The impact of the government’s efforts and the steps taken by the Reserve Bank will begin to show after September.
Top 6 States Is Most Affected By Coronavirus (COVID-19)
- The global economy is going through a recession.
- The top 6 states in the country have been most affected by the coronavirus.
- Which accounts for 60 per cent of the country’s economy.
Great Relief To Common People
- Common People have relief to pay EMI On March 27, the RBI allowed that Moratorium period pay EMI for 3 months because of the Coronavirus.
- Banks and financial institutions have been allowed to avoid EMI recovery of term loans for three months.
Big Announcement From RBI Governor Of India in Coronavirus Crisis
- Earlier, RBI governor of India had announced on April 27 that it would provide Rs 50,000 crore to mutual fund investors under a special liquidity facility.
- On April 17, the RBI also announced a Rs 50,000 crore LTRO for NBFCs and small financial institutions (MFIs).
- Along with this, special arrangements of Rs 50,000 crore were made for NABARD, SIDBI and Rashtriya Awas Bank.
- Under the earlier decisions, Rs 25,000 crore was announced for NABARD, Rs 10,000 crore for National Housing Bank and Rs 15,000 crore for SIDBI.