RBI Governor Shaktikanta Das May 22 addressed the media for the third time in three months to announce Coronavirus-related relief measures. RBI announced a reduction in repo rate by 40 basis points from 4.4 % to 4% while reverse repo rate stands reduced to 3.35%.
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Repo rate cut by 40 basis points from 4.4 % to 4% while reverse repo rate stands reduced to 3.35%.
In total, they have cut the repo rate by 115 bps since the lockdown started.
RBI extends EMI moratorium for another three months
Term loan moratorium extended till August 31, says Shaktikanta Das
RBI also announced a reduction in the reverse repo rate – the interest rate at which the RBI borrows funds from commercial banks – to 3.35 per cent from existing 3.75 per cent.
RBI allocates Rs 15,000 crore to EXIM banks to avail US dollar swap facility. This will have a rollover facility to up to one year.
RBI offers another 90-days extension to SIDBI for the 90-day term loan facilities