Highlights of briefing
# Repo rate cut by 75 basis points; Reverse Repo Rate reduced by 90 basis points to 4%
# All banks, lending institutions may allow a three-month moratorium on all loans: RBI Governor
# Lending companies, banks are allowed to defer interest on working capital repayments by three months. Banks may also reassess working capital cycle and will not be treated as non-performing assets: RBI Governor
# Depositors should not resort to panic withdrawal of their deposits. Would urge those with deposits in private banks to not indulge in panic withdrawal. #COVID2019 is upon us but this too shall pass. Stay clean, stay safe and go digital: RBI Governor
# Providing relief to borrowers, RBI Governor announces a three month moratorium on payment of installments of loans outstanding on March 1, 2020.
# Priority is to undertake strong and purposeful action to protect domestic economy, Need for all stakeholders to fight against the pandemic and banks should do all they can to keep credit flowing: RBI Governor
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