"Much needed relief": Piyush Goyal lauds RBI's 3-month moratorium on term loan EMIs

The RBI in a massive decision on Friday announced that banks will be permitted to allow a 3-month moratorium on payment of instalments of all term loans outstanding on March 1, 2020. Following the decision, Union Commerce and Industry Minister Piyush Goyal welcomed the initiative. Goyal stated that the RBI's measures will bring aid to people and businesses. 

WATCH: The Most Important RBI Briefing: From Repo Rate Slash To 3-month EMI Moratorium

Piyush Goyal on RBI measures to tackle COVID-19

Taking to Twitter, Piyush Goyal welcomed the RBI governor Shaktikanta Das' decision and stated that it will cater to and bring relief to people and businesses during as the country endures coronavirus outbreak. 

BREAKING: RBI Cuts Repo Rate By Massive 75 Bps To 4.4% To Revive Growth Amid Coronavirus

RBI announces measures

A day after government's relief package announcement, the RBI announced a slew of measures like reduction in the repo rate and the reverse repo rate. "The repo rate has been reduced by 75 basis points to 4.4 %. The reserve repo rate has been reduced by 90 basis points to 4%," Das said. In addition, Das also said that inflation & growth projections would be highly subject to volatility - hence, no projection have given. Apart from this, the RBI governor also announced that the Indian banking system has is "safe and sound". He also urged depositors to refrain from panic withdrawal of their deposits. Measures were also announced and listed to shore up liquidity. 

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