The RBI governor held a press conference today that is on the 22nd of May 2020. The governor in the press conference announced that India's GDP is expected to remain in the negative territory for 2020-21. However, some pick up might be expected in the second half.
Following major announcements were made by the RBI Governor:
1. The moratorium on loan repayments has been further extended by three months that is till August 2020.
2. The Repo rates have reduced by 40 bps from 4.4% to 4%
3. The reverse repo rate to be maintained at 3.35%
4. The Export Credit Period has been extended to 15 months from 1 year
Do you think a further extension on the moratorium of loans will prove to be helpful for the borrowers?Tags : rbi