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Thursday, March 26, 2020

Corona Crisis / LIVE: With the country at the time of the RBI crisis, the report reduced by 0.75%

The Governor of the Reserve Bank of India administered a booster dose in the midst of a lockdown. RBI has reduced the report by 0.75%. The new report will be 4.4%. RBI is with the country in times of crisis.

Mumbai: Reserve Bank of India Governor Shaktikat Das holds a press conference on Friday. He has announced a reduction in the repo rate by 0.75%. The repo rate has now been reduced from 5.15 percent to 4.4 percent. This will make all types of loans cheaper. 4 out of 6 members of the Monetary Policy Committee voted in favor of the rate cut. Covid-19 has affected economic activities in the world. The impact of Covid-19 will not be known right now. However, reducing the price of crude will provide some relief.
Relief can now be found in EMI due to corona
Government announces relief package for the poor on Thursday
Today the Reserve Bank of India can announce the Governor


People paying EMI can get some relief


Millions of people paying for EMI, including a home, car or other type of loan, can get some relief. Considering the impact of Corona on business with ordinary people, the government is preparing to provide relief on monthly installment of debt (EMI). However, the decision has now been taken by the Reserve Bank of India.

The RBI can also announce some help

Today RBI Governor Shaktikanta Das will speak to the media. It is hoped that just as the finance ministry announced a relief package, the RBI could announce some help now.

A relief package announced for the poor on Thursday

It is noteworthy that during the 21-day lockdown, Finance Minister Nirmala Sitharaman on Thursday announced a special package of Rs 1.70 lakh crore for the poor. This package has made efforts to provide relief to the elderly, widows and the disabled as well as farmers, laborers and women. But the government did nothing about the middle class. The middle class is concerned about loans and EMIs that occur every month due to lockdown. However, the finance minister has given some relief to the EPF issue.

Congress president Sonia Gandhi also made a demand to PM Modi

The finance minister did not comment on the relief package announcement on Thursday. Congress president Sonia Gandhi also wrote a letter to PM Modi demanding that people's loan EMI payment be postponed for six months.



These rules will provide relief

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In view of the seriousness of the matter, the finance ministry has written to the Reserve Bank of India (RBI) asking them to take immediate steps to provide relief to consumers. Now, the Reserve Bank will take action on this, and while giving relief to the middle class, banks can give more time to repay the loan. Debashish Panda, secretary of the financial services department, wrote in a letter to the central bank, suggesting that EMI should be given a few months on payment, interest and loan repayments. It also says that the rules regarding trapped debt (NPA) should be relaxed as well.

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