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RBI Reduces Repo Rate by 75 Basis Points to 4.4%

RBI governor Shaktikanta Das on Friday 27th March 2020 announced a cut on repo rate by 75 basis points. He said this is often a unprecedented condition and these steps are taken in sight of the Covid-19 pandemic to preserve the economic stability & to spice up liquidity during a stimulus worth 3.2% of GDP.

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RBI Reduces Repo Rate by 75 Basis Points to 4.4%

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  1. RBI Reduces Repo Rate by 75 Basis Points to 4.4%

  2. RBI governor Shaktikanta Das on Friday 27th March 2020 announced a cut on repo rate by 75 basis points. He said this is often a unprecedented condition and these steps are taken in sight of the Covid-19 pandemic to preserve the economic stability & to spice up liquidity during a stimulus worth 3.2% of GDP. • HIGHLIGHTS: WHAT RBI Governor Announced • Cut in repo rate by 75 basis points, which is bringing it from 5.15% to 4.4%, which is that the lowest ever. • Reverse repo rate reduced by 90 basis points, bringing it to 4%. • The biggest one: Lending institutions can allow a three-month moratorium on EMI payments. this suggests now debtors are legally authorized to postpone their EMI payment for 3 months. • Deferment on loan and interest repayments won’t be considered as defaulting and hence won’t impact the borrower’s CIBIL. • Liquidity worth 3.74 lakh crore to be injected by RMI into the system. • The RBI governor assured depositors that their money is safe privately banks, and therefore the public shouldn’t start panic withdrawals. • Mr. Das added also said that the bank stocks crash shouldn’t be a matter of worry for the depositors. • The Cash Reserve Ratio (CRR) of all banks has been reduced by 100 basis points which are 3%.

  3. Impact of the rate cut on borrowers: • This unexpected rate cut is within the great favor of the borrowers. because the RBI said of these steps are taken to counter the economic impact of the coronavirus pandemic. • The rate cut announced by the RBI governor is that the lowest ever. • This will likely reduce the EMI for your ongoing loans. • Opting for a replacement loan will become cheaper. • The bank is probably going to supply more loans. • All these cuts on rates are in view of the Covid-19 crisis and in order to mitigate its impact on the economy. • On 26th March our honorable minister of finance has also made several announcements to fight the Covid-19 pandemic. the main announcements made by her included- • ₹1.7 lakh crore relief package for the poor. • ₹50, 00,000 insurance protect the soldiers you’re fighting with this pandemic on the front. (for Doctors, nurses, Asha, Pharmacists, etc.) • Ujjwala beneficiaries get free LPG cylinders for 3 months. • EPFO to permit 75% non-refundable advance or 3 months of salary whichever is lower. • Government to pay EPF contribution, for both the employer and employee for subsequent 3 months for all those companies with but 100 employees where 90% earn but ₹15,000 per month.

  4. Contact us UGF-15 Westend Plaza, Kapashera (17.31 km) 110030 New Delhi Email: info@rokdabazaar.com Visit: https://www.rokdabazaar.com/ Call: 011 4020 4544

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