CS Shubham Katyal
Quick Summary
A day after Finance Minister Nirmala Sitharaman unveiled a Rs 1.7 lakh crore economic welfare package for the poor in the backdrop of the coronavius pandemic, the Reserve Bank of India (RBI) Governor Shaktikanta Das has announced a press conference at 10 am on March 27. Beginning March 25, for a
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FAQ :
The RBI's rescue package to contain the economic slowdown caused by COVID-19 came into effect from March 27, 2020.
The moratorium applies to home loan borrowers, car loan borrowers, personal loan borrowers, education loan borrowers, agricultural loan borrowers, and crop loan borrowers with outstanding term loans as of March 1, 2020.
Yes, the 3-month moratorium applies to Equated Monthly Installments (EMIs) and credit card dues.
The RBI has deferred the payment of interest for all business loans or working capital loans outstanding as of March 1, 2020, until May 31, 2020. Businesses can also recalculate their drawing power for working capital facilities.
No, the moratorium and revised payment schedules will not be considered a default and will not adversely impact your credit score or history.
The RBI also announced a repo rate cut by 75 basis points to 4.4 percent, a reduction in the reverse repo rate to 4 percent, and a Cash Reserve Ratio (CRR) cut of 100 basis points to 3 percent, injecting Rs 3.74 lakh crore into the system.
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