Reserve Bank of India Governor Shaktikanta Das, during his address to media, said the RBI had decided to cut repo rate by 75 basis points to 4.4 per cent, while the reverse repo-rate has been reduced by 90 basis points. He said his address was coming amidst "extraordinary circumstances". He said the MPC voted for sizeable reduction in repo rate to revive growth, mitigate covid-19 impact. Shaktikanta Das' address to the media has been scheduled a day after Finance Minister Nirmala Sitharaman announced a slew of measures to help the lower strata of the society.
Check all the latest updates on the RBI Governor's live conference on BusinessToday.In live blog
10.37 AM: The RBI allows lending institutions, banks to defer interest on working capital repayments by 3 months.
10.36 AM: The RBI governor says moratorium on term loans, deferment of interest payment will not result in asset classification downgrade.
10.35 AM: The RBI governor says banks may reassess working capital cycle and that they won't be treated as NPA.
10.33 AM: Deferring NSFR implementation by banks by 6 month, says the RBI
10.31 AM: Monetary policy committee voted 4:2 majority to cut repo rate by 75 basis points to 4.4 pc: RBI Governor
10.30 am: Watch live coverage of the RBI Governor's address to media.
Governor’s address to media https://t.co/vsfV13L0UK— ReserveBankOfIndia (@RBI) March 27, 2020
10.29 AM: The outlook is now heavily contingent upon the intensity, spread and duration of the pandemic. There is a rising probability that large parts of the world will slip into recession: RBI Governor Shaktikanta Das
10.23 AM: MPC noted that global economic activity has come to a near stand-still as COVID19 related lockdowns and social distancing in affected countries. Expectations of a shallow recovery in 2020 from 2019's decade low in global growth have been dashed: RBI Guvernor
10.22 AM: The CRR cut done by the central bank will release Rs 1.37 lakh crore into market, says Shaktikanta Das
10.21 AM: The RBI has cut cash reserve ratio by 100 bps to 3%
10.20 AM: Downside risks to growth arise from Covid-19, lockdowns: RBI Governor
10.18 AM: Banks should keep the credit flowing: RBI chief
10.15 AM: The MPC voted for sizeable reduction in repo rate to revive growth, mitigate covid-19 impact: RBI chief
10.12 AM: The RBI's Monetary Policy Committee met from March 24-27
10.11 AM: This address comes amidst extraordinary circumstances: RBI Governor
10.00 AM: Will there be a repo rate cut?
Expectations are rife that the RBI could announce major repo rate cut to allow helping hand to banks. In its February 6 bi-monthly meeting, the RBI's Monetary Policy Committee had maintained status quo by keeping repo rate unchanged at 5.15 per cent. Consequently, the reverse repo rate was also kept unchanged at 4.90 per cent.
9.45 AM: Modi govt's Rs 1.7 lakh crore package
The Modi government on Thursday announced food transfers for free, cash for the vulnerable, cooking gas, concessions to reduce burden on low income families as well as an insurance cover for the front line workers.
9.30 AM: Pradhan Mantri Gareeb Kalyan Yojana
Under the Pradhan Mantri Gareeb Kalyan Yojana (PMGKBY) the minister announced funds of Rs 1.7 lakh crore to help the ones with no resources. Farmers, elderly citizens, women, construction workers, those below poverty line, organised and unorganised workers would be the primary beneficiaries of these measures. The Finance Minister also announced 5kg of rice or wheat free of cost to 80 crore poor people in the country for the next three months. She also announced a Rs 50 lakh insurance cover for every front line worker, including doctors, paramedics, nurses, sanitation worker.