Good news: RBI put EMIs on hold for three months

Article by Satya B Published on: 5:45 pm, 28 March 2020

Reserve Bank of India (RBI) Governor Shaktikanta Das has announced key measures taken keeping in the view of Corona virus and among them is the EMI. On all types of loans, the EMIs are exempted to be paid for the next three months.

The Policy Repo Rate has been reduced by 75 basis points from 5.15 per cent to 4.4 per cent while the Reverse Repo Rate reduced by 90 basis points to 4 per cent. The Cash Reserve Ratio (CRR) of all banks have been reduced by 100 basis points to 3 per cent of net demand for a period of one year starting from March 28th.

Apart from this, the RBI will inject liquidity worth Rs 3.74 lakh crore into the system. Addressing the media RBI Governor Das said due to the virus, the global economy is slowing down and it would have a direct impact on the country. He added that the Indian banking system is safe those of private banks too and people need not panic.

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