RBI allows banks to put EMIs on hold for three months

RBI Governor Banks NBFCs to get 3-month moratorium on payment for all term loans deposits safe in private banks

Earlier, the financial services secretary had written to RBI seeking a moratorium of a few months on EMIs, interest and loan repayments. The reverse repo rate was reduced 90 basis points to 4%.

The decision was taken in a meeting of the Monetary Policy Committee that was brought forward from the scheduled start of March 31, and follows surprise actions by the Federal Reserve and other central banks to stem the economic fallout of the pandemic. The RBI has announced a withdrawal cap on Yes Bank on March 5, following which customers were allowed to withdraw only Rs 50,000 for a month. The Reverse Repo Rate has also been slashed by 90 basis points to 4%. Australia's central bank, the Reserve Bank of Australia, poured $3.6 billion in liquidity into Australia's financial system and said it was prepared to buy government bonds.

"The Monetary Police voted to reduce repo rate by 75 basis points to 4.4 per cent".

"All commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, all-India Financial Institutions, and NBFCs (including housing finance companies and micro-finance institutions) ("lending institutions") are being permitted to allow a moratorium of three months on payment of instalments in respect of all term loans outstanding as on March 1, 2020".

Reserve Bank of India (RBI) governor Shaktikanta Das on Friday announced a 75 basis points cut in its benchmark repo rate to deal with the impact of deadly coronavirus outbbreak on the economy. "Need for all stakeholders to fight against the pandemic and banks should do all they can to keep credit flowing", said the RBI Governor.

Net Stable Funding Ratio (NSFR) was required to be introduced from 1 April, 2020. "The public should not worry about their deposit in private sector banks, they should not resort to panic withdrawal", said Das. "Will defer NSFR implementation to October, 2020".

Social distancing appears to have slowed New York's coronavirus epidemic
James McConville, chief of staff of the Army, said they will begin setting up the units this weekend at the center. Cuomo said the measure would not give NY enough money to make up for the widening multibillion-dollar budget gap.

Das also assured that the banking system in India safe.

"Large sell-offs in markets have intensified pressure".

The informal sector, the backbone of the economy, will be hardest hit as economic activity comes to a standstill. Now, the RBI Governor is expected to spell out more measures.

Governor Shaktikanta Das had earlier signaled his willingness to cut interest rates as risks from the virus outbreak worsens.

On Thursday, Union Finance Minister Nirmala Sitharaman held a press conference and announced a relief package for the poor and migrant workers amid a 21-day countrywide lockdown to mitigate the impact of coronavirus (COVID-19) pandemic.

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