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RBI cuts policy rate, allows banks to offer 3-month payment moratorium on all term loans

Here are highlights from the RBI Governor Shaktikanta Das’ press conference:

* RBI to reduce policy repo rate by 75 bps to 4.4%

* In view of Covid-19 pandemic, MPC advanced meeting was held between 24 and 27 March. 4 of 6 members voted for 75 bps cut

* RBI is monitoring evolving market and macroeconomic situation

* We have to recognise govt’s timely measures to contain intensity, duration and spread of the virus

* Looking ahead, food prices may soften further. As a result of Covid-19, demand may weaken

* Projection of growth and inflation depends on spread, intensity and duration of virus, hence RBI is not giving any guidelines on growth and inflation

* Rs 3.74 lakh crore liquidity to be injected into system through measures announced today

* India has locked down and financial activities are under severe stress. Strong fiscal measures are critical to deal with the situation

* Living in extraordinary situation; war effort needs to be mounted against coronavirus using conventional, unconventional tools

* All lending institutions allowed three month moratorium for all term loans

* Cash reserve ratio of all banks reduced by 100 bps to 3 pc with effect from March 28 for 1 yr; to release Rs 1.37 lakh cr liquidity
Source: The Hindu

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