RBI rolls out new measures to mitigate COVID-19 impact

RBI Governor Shaktikanta Das today announced some key measures to mitigate the impact of COVID-19 and revive growth. These measures come days after Prime Minister Narendra Modi announced Atmanirbhar Bharat Abhiyan and INR 20 lakh crore stimulus package

Key highlights from the announcement

	Repo rate cut by 40 basis points from 4.4% to 4%
	Extended three-month loan moratorium from June 1 to August 31
	GDP expected to contract in 2020-21
	Outward remittances against normal imports into India reduced to 6 months from 12 months
	INR 15,000 crore to EXIM banks to avail US dollar swap facility. This will have a rollover facility to up to one year.
	Voluntary retention route for Foreign Portfolio Investments (FPI)
	Group exposure limit of banks to be increased from 25% to 30%
	Additional 90 days for the special refinancing facility of INR 15,000 crore given to SIDBI for refinancing and lending