Home »  Topic »  Covid-19: RBI permits banks, NBFCs to allow 3-month moratorium on loans, cuts interest rates

Covid-19: RBI permits banks, NBFCs to allow 3-month moratorium on loans, cuts interest rates


The Reserve Bank of India on Friday slashed the repo rate, or the interest rate at which the top bank lends to commercial banks, by 75 basis points to 4.4%. The reverse repo rate was also cut by 90 basis points to 4%, said RBI Governor Shaktikanta Das. The reverse repo rate is the rate at which the central bank borrows money from commercial banks.

Details of RBI’s “unscheduled meeting” of its Monetary Policy Committee between March 24 and 27 came a day after a relief package was announced by the government to help the poor tide over ...


Read the full text Scroll