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RBI Tells Good News On EMI Payments
By: Tupaki Desk | 27 March 2020 11:43 AM IST
In a quick turn of events, the Reserve Bank of India has announced that the banks will allow a moratorium of three months against the payments of the installments of loans that are outstanding o March 1, 2020.
The decision will apply to all regional, rural banks, co-operative banks, NBFCs including Housing Finance Companies, however, the confirmation from the bank's end is yet to confirm.
RBI governor Shaktikanta Das said that its Monetary Policy Committee (MPC) decided to advanced its meeting because of the Covid-19 crisis and voted for a massive reduction in repo rate to mitigate economic risks.
"The outlook is now heavily contingent upon the intensity, spread, and duration of the pandemic. There is a rising probability that large parts of the world will slip into recession," Das said.
"MPC noted that global economic activity has come to a near stand-still as Covid-19 related lockdowns and social distancing in affected countries. Expectations of a shallow recovery in 2020 from 2019's decade low in global growth have been dashed," Shaktikanta Das added.
The decision will apply to all regional, rural banks, co-operative banks, NBFCs including Housing Finance Companies, however, the confirmation from the bank's end is yet to confirm.
RBI governor Shaktikanta Das said that its Monetary Policy Committee (MPC) decided to advanced its meeting because of the Covid-19 crisis and voted for a massive reduction in repo rate to mitigate economic risks.
"The outlook is now heavily contingent upon the intensity, spread, and duration of the pandemic. There is a rising probability that large parts of the world will slip into recession," Das said.
"MPC noted that global economic activity has come to a near stand-still as Covid-19 related lockdowns and social distancing in affected countries. Expectations of a shallow recovery in 2020 from 2019's decade low in global growth have been dashed," Shaktikanta Das added.