RBI’s Booster Shot for Indian Economy: 10 Major Announcements

Business | PTI | March 27, 2020, 1:30 pm
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 Reserve Bank of India (RBI) governor Shaktikanta Das on Friday morning (March 27) announced that the monetary policy committee (MPC) has decided to cut repo rate by a whopping 75 basis points, that too outside its bi-monthly meeting calendar, in order to help the economy battered by the ongoing coronavirus pandemic. (Image: PTI)
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Reserve Bank of India (RBI) governor Shaktikanta Das on Friday morning (March 27) announced that the monetary policy committee (MPC) has decided to cut repo rate by a whopping 75 basis points, that too outside its bi-monthly meeting calendar, in order to help the economy battered by the ongoing coronavirus pandemic. (Image: PTI)

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 The governor said that the economy needed “conventional, unconventional measures to combat virus” and that India’s growth outlook will now depend on the intensity, speed and duration of the pandemic. (Image: PTI)
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The governor said that the economy needed “conventional, unconventional measures to combat virus” and that India’s growth outlook will now depend on the intensity, speed and duration of the pandemic. (Image: PTI)

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 The governor said that the economy needed “conventional, unconventional measures to combat virus” and that India’s growth outlook will now depend on the intensity, speed and duration of the pandemic. (Image: PTI)
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The governor said that the economy needed “conventional, unconventional measures to combat virus” and that India’s growth outlook will now depend on the intensity, speed and duration of the pandemic. (Image: PTI)

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 1) Repo rate now stands at 4.4% compared with 5.15% earlier. (Image: PTI)
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1) Repo rate now stands at 4.4% compared with 5.15% earlier. (Image: PTI)

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 2) Reverse repo rate was cut by a wider 90 bps to 4% in order make it unattractive for banks to passively deposit funds with RBI and instead lend it to the productive sectors. (Image: PTI)
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2) Reverse repo rate was cut by a wider 90 bps to 4% in order make it unattractive for banks to passively deposit funds with RBI and instead lend it to the productive sectors. (Image: PTI)

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 3) Cash Reserve Ratio (CRR) cut by 100 bps to 3% with effect from 28 March 2020. (Image: PTI)
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3) Cash Reserve Ratio (CRR) cut by 100 bps to 3% with effect from 28 March 2020. (Image: PTI)

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 4) RBI will conduct auctions of long-term repo operation (LTRO) of three-year tenure up to Rs 1 lakh crore at floating rate linked to policy rate. The first auction of Rs 25,000 crore will be conducted later today. (Image: PTI)
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4) RBI will conduct auctions of long-term repo operation (LTRO) of three-year tenure up to Rs 1 lakh crore at floating rate linked to policy rate. The first auction of Rs 25,000 crore will be conducted later today. (Image: PTI)

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 5) All banks and lending institutions may allow a three-month moratorium on all loans. The moratorium to be announced on payment of instalments of loans outstanding on 1 March 2020. (Image: PTI)
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5) All banks and lending institutions may allow a three-month moratorium on all loans. The moratorium to be announced on payment of instalments of loans outstanding on 1 March 2020. (Image: PTI)

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 6) Lending companies and banks are also allowed to defer interest on working capital repayments by three months. (Image: PTI)
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6) Lending companies and banks are also allowed to defer interest on working capital repayments by three months. (Image: PTI)

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 7) India FY20 GDP (gross domestic product) growth projection of 5% is at risk due to coronavirus crisis, said RBI Governor. (Image: PTI)
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7) India FY20 GDP (gross domestic product) growth projection of 5% is at risk due to coronavirus crisis, said RBI Governor. (Image: PTI)

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 8) The Net Stable Funding Ratio (NSFR), which was earlier required to be introduced from 1 April 2020, will now be deferred to October 2020. (Image: PTI)
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8) The Net Stable Funding Ratio (NSFR), which was earlier required to be introduced from 1 April 2020, will now be deferred to October 2020. (Image: PTI)

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 9) Incremental capital conservation buffer (CCB) implementation deferred from 30 March 2020 to 30 September 2020. (Image: PTI)
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9) Incremental capital conservation buffer (CCB) implementation deferred from 30 March 2020 to 30 September 2020. (Image: PTI)

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 10) RBI governor also urged depositors to not resort to panic withdrawal of their fixed deposits and assured that Indian banking sector was safe and sound. (Image: PTI)
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10) RBI governor also urged depositors to not resort to panic withdrawal of their fixed deposits and assured that Indian banking sector was safe and sound. (Image: PTI)

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