In a press release, the RBI governor released a set of reforms.
Reverse Repo cut by 90 basis points. Now it is 4% after the cut.
Repo is cut by 75 basis points
CRR reduced by 100 basis points to 3%
Financial activity is under severe stress.
CRR cut to release 1.37 lac crores into the system
Moratorium on bank loan: All lending institution is permitted to allow three-month moratorium in payment of installment of term loans.
In respect of working capital facilities, a deferment of three months from payment of interest. The accumulated interest will be paid after the expiry of the moratorium period.
This will not be calculated in the assessment of default for risk assets
The implementation of NSFR is deferred by six months.
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