article banner

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

120x120-cash.png Repo rate cut by 40 basis points from 4.4% to 4%
NewIcon-06.jpg Extended three-month loan moratorium from June 1 to August 31
NewIcon-07.png GDP expected to contract in 2020-21
network.png Outward remittances against normal imports into India reduced to 6 months from 12 months
compliance.png INR 15,000 crore to EXIM banks to avail US dollar swap facility. This will have a rollover facility to up to one year.
search-icon.png Voluntary retention route for Foreign Portfolio Investments (FPI)
NewIcon-02.png Group exposure limit of banks to be increased from 25% to 30%
handshake.png Additional 90 days for the special refinancing facility of INR 15,000 crore given to SIDBI for refinancing and lending