New Delhi, March 22: Reserve Bank of India Governor Shaktikanta Das addressed the media today amid the fourth phase of the lockdown. He announced a slew of measures to provide relief to the economy which has been battered by the coronavirus pandemic. One of the major announcements which Das made was the slashing of repo rate by 40 bps. The repo rate has been reduced to 4 percent from 4.4 percent. The Reverse repo rate, on the other hand, stands reduced to 3.35 percent. This means that loans will also turn cheaper. RBI Slashes Repo Rate by 40 Basis Point to 4%, Reverse Repo at 3.35%; Loans Set to Get Cheaper.
The RBI governor further extended the three months moratorium on loans to another three months. In view of the extension of the lockdown and the continuing disruption on account of coronavirus, these measures are being further extended by another three months from June 1 to Aug 31, said Das.
Click on the PDF link below of RBI Governor Shaktikanta Das' Press conference to read:
Das also presented a grim outlook for India and said the GDP growth in 2020-21 is expected to remain the negative zone. However, the governor hoped that there would be some pick up in the second half. Today's press conference was the third presser of the governor in the context of COVID-19 related measures in the last two months. The first one was held on March 27 and the second media address took place on April 17. He highlighted the need to have faith in India's resilience as coronavirus has crippled the world economy.