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