RBI cuts repo rate by 75 bps, allows 3-month moratorium on EMIs

RBI Governor Shaktikanta Das announced the reduction of repo rate amid COVID-19 pandemic. During a press conference in Mumbai, Das said, “The Monetary Police voted to reduce repo rate by 75 basis points to 4.4 per cent. The reverse repo-rate was reduced by 90 basis points to four per cent.” RBI also permitted banks to allow a three-month moratorium on EMIs of all term loans. The banks include all regional rural banks, cooperative banks and NBFCs. Das also said deferment will not impact the credit history of the borrower. Watch the full video for more details.