RBI Governor Shaktikanta Das Press Conference: In view of the Corona crisis, the Modi government announced an economic package of about 21 lakh crores. Now Reserve Bank of India Governor Shaktikanta Das has announced the repo rate reduction.
- RBI Governor Shaktikanta Das announced repo rate cut
- Also, an additional 3 months’ discount was given on the loan installment.
In view of the Corona crisis, the Modi government announced an economic package of about 21 lakh crores. The details of this package have been kept in front of the country by Finance Minister Nirmala Sitharaman. Now Reserve Bank of India (RBI) Governor Shaktikanta Das has announced the repo rate reduction.
After this deduction, the repo rate of RBI has come down from 4.40 per cent to 4 per cent. Along with this, an additional discount of 3 months has been given on the loan installment. Meaning that if you do not give EMI of your loan for the next 3 months, the bank will not put pressure.
RBI Governor said that in the last three days,
the MPC reviewed the domestic and global environment. After this, a decision has been taken to cut the repo rate by 0.40 percent. This is the second time in lockdown when RBI has used scissors at the repo rate. Earlier, on March 27, the RBI governor announced a 0.75 percent reduction. This time the banks had reduced the interest rate on the loan. It is obvious that due to this your EMI has also reduced as compared to earlier.
In a press conference in the early days of the lockdown, RBI had asked banks to give a discount on loans and EMIs for 3 months. After this, most banks implemented it for 3 months. Now, after the announcement of deferment for the new 3 months of RBI, customers will get a total of 6 months of rebate. This means that if you do not want to give loan EMI for a total of 6 months, then there will be no pressure from banks. At the same time, your credit score will also be correct. That is, you will not be a defaulter in the eyes of the bank. However, you will have to pay additional interest for this.
Big things about RBI Governor
– India’s GDP growth in the first half will be negative in 2020-21. However, there may be some increase in growth in the second part of the year.
– There is no change in reverse repo rate
– Heavy downfall in economic momentum methods from lockdown, mostly red zone in six large industrial states
– Capital goods production declined by 36% in March
– 33% decline in production of consumer durable
– 17 percent drop in industrial production in March
– 21 percent decline in manufacturing. 6.5% decrease in output of core industries.
Sowing of Kharif has increased by 44%
Food inflation again increased to 8.6 percent in April
– The inflation of pulses will be of particular concern in the next months
– Inflation will remain high in this half, but it may moderate in the next half.
– India’s foreign exchange reserves increased by 9.2 billion dollars in 2020-21. India’s foreign exchange reserves currently stand at $ 487 billion.
-15,000 crore credit line will be given to Exim Bank
Permission to use the amount given to Sidbi for further 90 days.
Earlier, Satish Kashinath Marathe, a director of the RBI and associated with the Rashtriya Swayamsevak Sangh, had questioned the relief package of the Modi government. He said that the three-month mo rhetorium is not enough and softening in the NPA should have been part of the relief package.
Marathe gave these suggestions
Satish Kashinath Marathe had said, ‘The relief package is good and progressive thinking, but it has failed in terms of including banks as advance warriors in reviving the economy. Three months moratorium is not enough. NPA, softening in provisioning etc. should have been part of the relief package so that India can be taken on the path of progress once again.
PM Modi announced the package
On May 12, PM Narendra Modi announced a relief package of Rs 20 lakh crore to save the countrymen and economy affected by Corona. After this, Finance Minister Nirmala Sitharaman made several announcements in a press conference for five consecutive days, in which there was a proposal to give a loan of Rs 3 lakh crore to MSMEs.
Reserve Bank gave this relief
On April 17, the Reserve Bank of India (RBI) announced several reliefs in the wake of Corona crisis and lockdown. The reverse repo rate was cut by 25 basis points. Now the reverse repo rate has come down from 4% to 3.75%. Earlier on March 27, the Reserve Bank of India allowed banks and financial institutions to postpone EMI recovery of term loans for three months due to Corona.