BJP chief Nadda deems RBI's measures 'necessary'; hails govt's Coronavirus relief package

Hours after RBI's decision to slash repo rate and to give 3 month EMI moratorium, BJP national president JP Nadda has hailed the decision. Speaking to news agency ANI, he said that the government is taking all necessary actions to help the citizens in this difficult time. He also appreciated the Central government's move to announce relief package. 

Health workers in Rajasthan sing a song to keep spirit high amid fight against Coronavirus

"Yesterday, Government announced a relief package. Today, another RBI has taken many important decisions to give support and stability to the Indian economy. RBI has slashed down the Repo rate, Reverse Repo rate and Cash Reverse ratio to give strength to the economy. To help the middle class, RBI has given moratorium of 3 months and also waving off interest. I welcome these progressive and timely measures," he said. 

'Bold & timely': NITI Aayog hails RBI's decision of 3-month Moratorium, slashed repo rate

RBI's announcement

The Reserve Bank of India announced on Friday that banks are permitted to allow a 3-month moratorium on payment of installments of all term loans outstanding on March 1, 2020. This decision applies to all regional, rural banks, co-operative banks, NBFCs including Housing Finance Companies. The moratorium will not result in asset classification downgrade and will have no adverse impact on the credit history of beneficiaries.

WATCH the most important RBI briefing: From Repo rate slash to 3-month EMI moratorium

The Reserve Bank of India governor Shaktikanta Das also announced a 'sizeable reduction' in the policy repo rate of the country, slashing it by 75 base points to 4.4%.

BIG: Moody's revises India's 5.3% GDP growth forecast amid Coronavirus; new figures here