RBI extends moratorium on loans for another 3 months

New Delhi : The RBI today announced a further extension on moratorium of loans by another three months. In March, RBI had also allowed a three-month moratorium on payment of all term loans due between March 1, 2020 and May 31, 2020.

The RBI will use all its instruments and fashion new ones to meet Covid-related challenges, RBI governor Shaktikanta Das reiterated.

The Reserve Bank of India today cut key repo lending rate by 40 basis points to 4%. This is expected to bring down lending rates and deposit rates as well. RBI’s monetary policy committee in an off-cycle meeting voted 5-1 for a 40 bps repo rate cut, while maintaining an accommodative stance. Reverse repo gets automatically gets adjusted to 3.35% from 3.75%