MP CM lauds RBI's massive measures, says 'will provide relief to people & businesses'

Welcoming RBI Governor Shaktikanta Das's measures amidst the COVID-19 lockdown, Madhya Pradesh Chief Minister Shivraj Singh Chouhan stated that the steps would help provide relief to people and businesses during these tough times. The RBI Governor on Thursday, announced a series of measures including a reduction in the repo rate, reverse repo rate as well as a 3-month moratorium on EMI installments. The BJP leader stated that these steps would help boost the liquidity in the economy as well as reduce repayment stress amongst other things.  

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Measures also announced to ensure liquidity

In a massive decision, the Reserve Bank of India has announced that banks are permitted to allow a 3-month moratorium on payment of instalments 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 credit history of beneficiaries. This is a part of the Central Bank's measures to counter the Coronavirus lockdown, which had started off with the RBI governor announcing massive slash in the key repo rate to 4.4%, to revive economic growth. Measures have also been announced to ensure liquidity.

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

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