Coronavirus: RBI Governor Shaktikanta Das to address media at 10am
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A day after Finance Minister Nirmala Sitharaman unveiled a Rs 1.7 lakh crore economic welfare package for the poor in the backdrop of the coronavius pandemic, the Reserve Bank of India (RBI) Governor Shaktikanta Das has announced a press conference at 10 am on March 27.
1) Repo rate now stands at 4.40% vs 5.15% earlier
Reserve Bank of India (RBI) governor Shaktikanta Das March 27 announced a massive 75 basis points cut in repo rates as a measure to counter the economic slowdown caused by the COVID-19 pandemic.
2) Cash Reserve Ratio cut by 100 bps to 3% of NTDL with effect from March 28, 2020: RBI Governor
3) All banks, lending institutions may allow a three-month moratorium on all loans: RBI Governor
4) The RBI governor says moratorium on term loans, deferment of interest payment will not result in asset classification downgrade
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2) Cash Reserve Ratio cut by 100 bps to 3% of NTDL with effect from March 28, 2020: RBI Governor
3) Indian banking sector is safe & sound. Depositors of commercial banks including pvt banks need not worry on the safety of their funds: RBI Governor
4) Depositors should not resort to panic withdrawal of their deposits. Would urge those with deposits in private banks to not indulge in panic withdrawal. The macros stronger than what it was post the financial crisis, the fiiscal deficit and CAD is much lower and inflation conditions are benign. I remain optimistic despite current challenges. COVID-19 is upon us but this to shall pass. Stay clean, stay safe and go digital: RBI Governor
Bank FD Interest will be cut by banks 
1) Repo rate now stands at 4.40% vs 5.15% earlier
Reserve Bank of India (RBI) governor Shaktikanta Das March 27 announced a massive 75 basis points cut in repo rates as a measure to counter the economic slowdown caused by the COVID-19 pandemic.