RBI permits 3 month moratorium on EMI payments on all outstanding loans

The Reserve Bank of India (RBI) Governor Shaktikanta Das today announced cut in benchmark interest rate, Repo Rate by 75 basis points to 4.4 per cent to deal with the hardship caused due to the outbreak of COVID-19. The central bank also reduced the Cash Reserve Ratio (CRR) of all banks by 100 basis points to 3 per cent with effect from March 28 for 1 year providing total liquidity injection of Rs 3.74 lakh crore to the system in current scenario. While announcing decisions of Monetary Policy Co...