New Delhi: RBI Governor Shaktikanta Das today announced much big relief for Indian banks and has taken many big steps for them from the loan front to increase liquidity. All types of loans, be it home loans, car loans or personal loans, for this, the RBI has made an important announcement, which will benefit the borrowers.
Governor’s address to media https://t.co/vsfV13L0UK
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3-month moratorium given to bank / NBFC
Banks and NBFCs have been given a 3-month moratorium by Reserve Bank of India, under which the borrowers who are unable to repay EMI for the next 3 months will not have any effect on their credit rating and their credit rating will not deteriorate. The RBI has advised the banks to avoid taking loan EMIs from customers for the next three months and in this way has given the banks the will to give relief to the customers. It is believed that many banks can give relief to their customers for EMI, which can benefit the general public.
Repo rate reduced by 0.75% to 4.40%
Today, the RBI has cut the repo rate by 0.75 percent and reduced the repo rate from 5.15 percent to 4.40 percent. With this, banks will be able to get loans from RBI at cheaper rates and banks will be able to give benefits to customers. The biggest relief for the common people is that your EMI is expected to be cheap with this decision of RBI.
RBI reduces cash reserve ratio (CRR), banks will be able to give new loans easily
The RBI has cut the cash reserve ratio by 100 basis points or 1 percent, after which the CRR of all banks will be reduced from 4 percent to 3 percent and the banks will get liquidity of Rs 1.37 lakh crore. Due to this, banks will be able to give direct benefits to customers.
2.8 lakh crores have been poured into the system so far from the previous credit policy
Since the last monetary policy of RBI which came on February 6, till now there is the liquidity of Rs 2.8 lakh crore in the system. Banks are also getting the benefit of this and through this, banks can give more loans to their customers at cheaper rates.
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