RBI Governor Shaktikanta Das Made Big Announcements Today

RBI Governor made big announcements today, know 10 big things of the announcements of RBI

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New Delhi: RBI Governor Shaktikanta Das made big announcements for the country’s economy today. In fact, the lockdown in the country due to Coronavirus is having an impact on economic activities. Industrial production in the country is almost at a standstill, banking transactions have fallen and people are worried about paying their EMIs. In such a situation, the announcement made by the RBI for relief today will have a positive effect on the banks and the industry as well as the common people.

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The RBI governor said that in view of the coronavirus, the meeting of the MPC i.e. Monetary Policy Committee has already been held and it has been completed on 24, 36 and 27 March. With this, the declarations of the credit policy which were to be held on April 3, have been done today.

1. RBI has reduced the repo rate by 0.75 percent and has reduced the repo rate from 5.15 percent to 4.40 percent. After this, banks will be able to get loans from RBI at cheaper rates and banks will have the opportunity to give benefits to their customers. It is believed that this will make customers’ EMIs cheaper.

2. The RBI has also reduced the reverse repo rate by 0.90 percent to 4 percent. This is the rate at which RBI takes a loan from banks for the short term and through this RBI has tried to maintain liquidity in the system.

3. The cash reserve ratio has been reduced by 1 percent or 100 basis points from 4 percent to 3 percent. After this, the cash reserve ratio of the banks will remain at 3 percent for the entire year. With this, banks will have an additional amount of Rs 1.37 lakh crore.

4. Banks and NBFCs have been given a three-month moratorium under which they have been given a 3-month exemption in paying loans and interest and through this, banks and NBFCs have been given relief.

5. RBI has advised banks, NBFCs to postpone taking EMI of loan for three months from their customers so that customers do not face any problem. However, RBI did not issue instructions on this, so it will depend on the banks whether they will give relief to their customers on EMI or not.

6. RBI has reduced the liquidity adjustment facility from 0.90 percent to 4 percent, which will pave the way for more liquidity in the system.

7. RBI has relaxed the loan-repayment rules for banks and its detailed description is in the RBI notification.

8. The RBI said that the margin standing facility cap has been increased from 2 percent to 3 percent, with the net funding ratio rule being deferred for 6 months. With this, the NPAs of banks will not increase in these difficult times, which have been a problem for a long time.

9. The RBI governor informed that Rs 2.8 lakh crore has been poured into the system since the last MPC meeting. These decisions are being taken to maintain liquidity.

10. Shaktikanta Das said that the Indian banking system is completely safe and strong, so there is no need to worry about the customers of banks. In order to maintain the banking system, RBI is constantly monitoring the situation and RBI’s focus is on economic stability.

The RBI governor once again said to promote digital banking and payment, that in this difficult time, people should take whatever measures they need to be safe.

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