Edition: International
Saturday 12 July, 2025
BREAKING NEWS

Shallow Earthquake of Magnitude 4.4 Jolts Delhi-NCR

  • News
    • Kochi
    • Trivandrum
    • Kozhikode
  • Sports
  • Business
  • Health
  • Entertainment
    • E24hrs
    • Cinema
    • Directors
    • Actors
  • Education
    • Career
  • Automobile
  • Personalities
    • Political Leaders
  • Religion
    • Christian
      • Catholic
      • Latin Catholic
      • Syro Malabar
    • Hindu
    • Islam
  • Environment
  • More
    • Food
    • Wellness
    • Lifestyle
    • Beauty & Fashion
    • Fitness
    • Mental Health
    • Yoga
    • Video
  • മലയാളം
BREAKING NEWS
100Days: Thirike, Neestream and Gopi Make their Way into the India Book of Records
Aalekh Foundation Announces 3rd Edition of the Aalekh Women Achievers Awards
The Israel Ministry of Tourism Successfully Concludes Largest Civilian Evacuation Operation
Bihar Police Bans Makeup for Women Officers on Duty
Shallow Earthquake of Magnitude 4.4 Jolts Delhi-NCR
AR Classroom of KSUM Startup Infusory at 121 Tribal Schools in Maharashtra
    • News
      • Kochi
      • Trivandrum
      • Kozhikode
    • Sports
    • Business
    • Health
    • Entertainment
      • E24hrs
      • Cinema
      • Directors
      • Actors
    • Education
      • Career
    • Automobile
    • Personalities
      • Political Leaders
    • Religion
      • Christian
        • Catholic
        • Latin Catholic
        • Syro Malabar
      • Hindu
      • Islam
    • Environment
    • More
      • Food
      • Wellness
      • Lifestyle
      • Beauty & Fashion
      • Fitness
      • Mental Health
      • Yoga
      • Video
    • മലയാളം
  • Business,
  • News
  • RBI Ramps up Economic Support; Cuts Interest Rates, Extends Loan Moratorium

    By NE Reporter on May 22, 2020

    MUMBAI:
    The Reserve Bank of India (RBI) on Friday slashed interest rates, extended moratorium on loan repayments and allowed banks to lend more to corporates in an effort to support the economy which is likely to contract for the first time in over four decades.

    The benchmark repurchase (repo) rate was cut by 40 basis points to 4 per cent, Governor Shaktikanta Das said announcing the decisions taken by the central bank’s Monetary Policy Committee (MPC) that met ahead of its scheduled meeting in early June. Consequently, the reverse repo rate was reduced to 3.35 per cent from 3.75 per cent.

    He said the MPC had voted to maintain its accommodative stance, implying more rate cuts in the future if need arises. The RBI supplemented the interest rate cut by extending by three months the permission given to all banks to give a three-month moratorium on payment of monthly instalments on all outstanding loans, providing relief to home and auto buyers as well as real estate sector where construction activities are already at a standstill.

    The moratorium on interest on working capital was also extended by three months. Also, interest accumulated for the six-month moratorium period can be converted into a term loan, Das said.

    Further, bank exposure to corporates has been raised to 30 per cent of the group’s networth from the current limit of 25 per cent, a move that will allow lenders to give larger loans to companies. In its first official forecast for economic growth, the central bank has said the gross domestic product (GDP) is likely to contract in FY21 (April 2020 to March 2021).

    Das said the inflation outlook is highly uncertain due to the outbreak of the COVID-19 pandemic and expressed concern over elevated prices of pulses. He also said there is a need to review import duties to moderate prices.

    Headline inflation may remain firm in the first half of the year and may ease in the second half. Inflation may fall below 4 per cent in the third or fourth quarter of the current fiscal, according to the Governor. This is the second straight cut in interest rates in two months. On March 27, RBI had cut interest rates by 75 basis points.

    “After extensive discussions, the MPC voted unanimously for a reduction in policy repo rate and for maintaining the accommodative stance of the monetary policy as long as necessary to revive growth and to mitigate the impact of COVID-19 while ensuring that inflation remains within the target,” Das said.

    The central bank will remain vigilant and in battle readiness to address dynamics of unknown future arising from COVID-19 outbreak, he added.

    Iscea

    NE Reporter

    Covid-19 Pandemiccurrent fiscaleconomic supportGross Domestic Productinflationinterest ratesLoan Moratoriumloan repaymentsmonthly instalmentsRBIrepo rateReserve Bank of IndiaShaktikanta Das

    more recommended stories

    • Shallow Earthquake of Magnitude 4.4 Jolts Delhi-NCR

      NEW DELHI:A relatively mild earthquake of.

    • India International Industrial Expo to be Held in Kochi from January 16

      THIRUVANANTHAPURAM:The second edition of the India.

    • Stranded British Fighter Jet Goes Behind Curtains as Engineers Work Hard

      THIRUVANANTHAPURAM:A team of top aviation engineers.

    • Death Toll from Texas Floods Rises to Over 100

      HOUSTON:The death toll from flash floods.

    • India Needs to Strengthen its AI Ecosystem: KSUM CEO Anoop Ambika

      THIRUVANANTHAPURAM:India should be focusing more on.

    • Full Exemption from Income Tax KSUM Startup Fuselage

      KOCHI:KSUM-incubating deep-tech company Fuselage Innovations has.

    • Dalai Lama Attends ‘Long Life Prayer’ Organised by Tibetan Adminstration Ahead of 90th Birthday

      NEW DELHI:A day before his 90th.

    • CBI Busts Massive Multi-state Medical College Scam, Top Officials & Godman Named

      NEW DELHI:In a major crackdown, the.

    • Coal India Ltd., Singareni Collieries Company Limited (SCCL) and Heartfulness Enter a Landmark MoU

      HYDERABAD:Coal India Ltd., The Singareni Collieries.

    • Preethi Zodiac Mixer Grinder Puts India on the World Map

      KOCHI:In a bold and extraordinary display.

    Live Updates

    • Aalekh Foundation Announces 3rd Edition of the Aalekh Women Achievers Awards
    • The Israel Ministry of Tourism Successfully Concludes Largest Civilian Evacuation Operation
    • Bihar Police Bans Makeup for Women Officers on Duty
    • Shallow Earthquake of Magnitude 4.4 Jolts Delhi-NCR
    • AR Classroom of KSUM Startup Infusory at 121 Tribal Schools in Maharashtra

    NewsExperts.in

    • മലയാളം
    • മലയാളം

    What’s New ?

    • Aalekh Foundation Announces 3rd Edition of the Aalekh Women Achievers Awards
    • The Israel Ministry of Tourism Successfully Concludes Largest Civilian Evacuation Operation
    • Bihar Police Bans Makeup for Women Officers on Duty
    • Shallow Earthquake of Magnitude 4.4 Jolts Delhi-NCR
    • AR Classroom of KSUM Startup Infusory at 121 Tribal Schools in Maharashtra

    Newsexperts.in - powered by Klickevents Infosolutions (P) LTD