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RBI defers EMI payments

RBI governor Shaktikanta Das on Friday announced a series of steps to boost liquidity in a stimulus worth 3.2% of GDP to counter the economic impact of the coronavirus outbreak.

*All lending institutions can allow three-month moratorium on EMI payments.
*Deferment on loan and interest repayments will not be classified as defaults and will not impact credit history of borrowers
Monetary Policy meet scheduled for March 31-April 3 was advanced to March 25-27.
* Monetary policy committee voted 4:2 majority to cut repo rate by 75 basis points.

Mehala Durckop

* Reverse repo rate cut more so that banks are incentivised to lend, RBI governor said.–

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