Coronavirus Fallout: RBI Allows Three Month Moratorium On EMIs, Announces 75 BPS Rate Cut And More

Reserve Bank of India (RBI) Governor Shaktikanta Das this morning cut interest rates by 75 basis points to 4.4%. He also announced several measures to inject ₹3.74 lakh crore liquidity into the country's financial system.

Measures he announced this morning include:

- A three-month moratorium on term loans, deferring interest on working capital and ensuring no impact on credit history of the borrower

- Cash Reserve Ratio (CRR) of all banks to be set at 3%

“This kind of uncertain outlook has never been seen before...need of the hour is to do whatever is necessary to shield the economy from the pandemic”, the governor said.