In a press release, the RBI governor released a set of reforms.
- Reverse Repo cut by 90 basis points. Now it is 4% after the cut.
- Repo is cut by 75 basis points
- CRR reduced by 100 basis points to 3%
- Financial activity is under severe stress.
- CRR cut to release 1.37 lac crores into the system
- Moratorium on bank loan: All lending institution is permitted to allow three-month moratorium in payment of installment of term loans.
- In respect of working capital facilities, a deferment of three months from payment of interest. The accumulated interest will be paid after the expiry of the moratorium period.
- This will not be calculated in the assessment of default for risk assets
- The implementation of NSFR is deferred by six months.