Reserve Bank of India (RBI) Governor Shaktikanta Das while addressing the media on Friday announced that India's foreign exchange reserves had increased by 9.2 billion during 2020-21 from April 1 onwards. The total foreign exchange reserve stands at 487 billion US dollars as of to May 15, he revealed.
#LIVE | India's Forex reserves have increased by $9.2 billion since April and stand at $487 billion till May 15, equivalent to one year's exports. As per MPC, inflation outlook is highly uncertain: RBI Governor Shaktikanta Das https://t.co/RZHKU3wOei pic.twitter.com/D4YId7eBSl— Republic (@republic) May 22, 2020
Das also announced that the loan moratorium will be extended till August 31. "Three-month moratorium we allowed on term loans and working capitals with certain relaxations. In view of the extension of the lockdown and continuing disruption on account of COVID19, these measures are being further extended by another 3 months from June 1 to August 31," said the RBI Governor. This is the second consecutive extension of the moratorium on loans which makes it a six-month moratorium since March.
#BREAKING | RBI's MPC cuts Repo rate by 40 basis points from 4.4% to 4%; MSF and Bank rate reduced to 4.25% and Reverse Repo rate reduced to 3.35%; Tune in to watch here - https://t.co/RZHKU3wOei pic.twitter.com/EfjITpoHkv— Republic (@republic) May 22, 2020