Moratorium on loans extended by 3 more months
Mumbai – In view of the coronavirus pandemic, the Reserve Bank has decided to reduce the repo rate. RBI Governor Shaktikanta Das announced at a press conference on 22nd May , 40 basis points cut in repo rate to 4 percent from a previous rate of 4.4 percent. The reverse repo rate has been reduced to 3.35 percent. Owing to this reduction, loan interest rates are also going to be reduced. Earlier, delay in payment of loan instalment was allowed for 3 months. The deadline has been extended for another three months now, till the end of August.