FM Sitharaman Calls For Quick Transmission Of RBI Rate Cuts By Banks
Business
oi-Olga Robert
By Staff
After the Reserve Bank of India (RBI) announced a sharp rate cut of 0.75 percent in its repo rates to deal with the economic impact of COVID-19 pandemic, Finance Minister Nirmala Sitharaman welcomed the decision and asked banks for quicker transmission of the cuts.
"Appreciate @RBI @DasShaktikanta's reassuring words on financial stability. The 3-month moratorium on payments of term loan instalments (EMI) & interest on working capital give much-desired relief. Slashed interest rate needs quick transmission. #IndiaFightsCoronavirus," Sitharaman said in a tweet on Friday.
To infuse liquidity into the financial system, RBI cut its repo rate to 4.4 percent and reverse repo rate stands 90 basis points lower at 4 percent. Liquidity adjustment facility (LAF) was reduced by 90 bps to 4 percent and CRR (cash reserve ratio) was cut by 100 basis points to 3 percent.
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