{"id":227579,"date":"2020-03-27T10:26:28","date_gmt":"2020-03-27T04:56:28","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=227579"},"modified":"2020-04-01T18:04:21","modified_gmt":"2020-04-01T12:34:21","slug":"bfeaking-covid-19-rbi-announces-measures-to-combat-corona-virus","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/27\/bfeaking-covid-19-rbi-announces-measures-to-combat-corona-virus\/","title":{"rendered":"[LIVE] BREAKING | COVID-19 | RBI announces measures to combat Corona Virus &#8212; Moratorium of 3 months on all loans"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Significant pointers placed by RBI Governor Shaktikanta Das in the press conference:<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Liquidity in markets<\/li>\n<li>150 RBI Staff quarantined.<\/li>\n<li>Minimise market volatility.<\/li>\n<li>Sizeable reduction in repo rate.<\/li>\n<li>Relax repayment pressures.<\/li>\n<li>Food prices expected to soften further.<\/li>\n<li><strong>Lending institutions to allow moratorium of 3 months.<\/strong><\/li>\n<li>Reduction in repo rate to 4.4%<\/li>\n<li>Reduction in reverse repo rates by 90 basis points<\/li>\n<li>3 Month interest deferment on loans<\/li>\n<li>Governor states that the Indian Banking System is safe and sound<\/li>\n<li>Volatility in markets\u00a0 would<\/li>\n<li>Cash Reserve Ratio reduced by 3%<\/li>\n<li>Banks can defer EMI Payments.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #ff0000;\"><strong>[To be updated with official press release]<\/strong><\/span><\/p>\n<blockquote><p><span style=\"color: #008000;\">What all does the Press Release statement consists? Read below:<\/span><\/p><\/blockquote>\n<ul style=\"text-align: justify;\">\n<li>MPC voted unanimously for a sizeable reduction in the policy repo rate and for maintaining the accommodative stance of monetary policy as long as necessary to revive growth, mitigate the impact of COVID-19, while ensuring that inflation remains within the target. While there were some differences in the quantum of reduction, the MPC voted with a 4-2 majority to reduce the policy rate by 75 basis points to 4.4 per cent.<\/li>\n<li>Simultaneously, the fixed rate reverse repo rate, which sets the floor of the liquidity adjustment facility (LAF) corridor, was reduced by 90 basis points to 4.0 per cent, thus creating an asymmetrical corridor. The purpose of this measure relating to reverse repo rate is to make it relatively unattractive for banks to passively deposit funds with the Reserve Bank and instead, to use these funds for on-lending to productive sectors of the economy. It may be recalled that during the month of March so far, banks have been parking close to Rupees 3 lakh crore on a daily average basis under the reverse repo, even as the growth of bank credit has been steadily slowing down.<\/li>\n<li>This decision and its advancement has been warranted by the destructive force of the corona virus. It is intended to (a) mitigate the negative effects of the virus; (b) revive growth; and above all, (c) preserve financial stability.<\/li>\n<li>We are living through an extraordinary and unprecedented situation. Everything hinges on the depth of the COVID-19 outbreak, its spread and its duration. Clearly, a war effort has to be mounted and is being mounted to combat the virus, involving both conventional and unconventional measures in continuous battle-ready mode. Life in the time of COVID-19 has been one of unprecedented loss and isolation. Yet, it is worthwhile to remember that tough times never last; only tough people and tough institutions do.<\/li>\n<li>In the recent period, the Reserve Bank has been in action on a daily basis with efforts to alleviate financial stress, build confidence and keep the financial system sound and functioning. Measures taken by the Reserve Bank are given below.<\/li>\n<\/ul>\n<blockquote><p>\u00a0-a cumulative reduction in the policy repo rate of 135 basis points;<\/p>\n<p>-accommodative stance of monetary policy as long as necessary to revive growth, while keeping inflation within the target. &#8211; two USD buy\/sell swap auction of USD 5 billion each conducted on March 26 and April 23, 2019, injecting liquidity into the banking system amounting to ?34,561 crore and ?34,874 crore, respectively.<\/p>\n<p>&#8211; seven open market purchases, injecting ?92,500 crore into the system.<\/p>\n<p>&#8211; four simultaneous purchase and sale of government securities under Open Market Operations (special OMOs or what is known as operation twist) during December and January (December 23 and 30, 2019 and January 6 and 23, 2020) to ensure better monetary policy transmission.<\/p>\n<p>&#8211; five long term repo operations (LTROs) between February 17 and March 18, 2020 for one-year and three-year tenors amounting to ?1,25,000 crore of durable liquidity at reasonable cost (fixed repo rate).<\/p>\n<p>&#8211; exemption on incremental credit disbursed by banks between January 31-July 31, 2020 on retail loans for automobiles, residential housing and loans to micro, small and medium enterprises (MSMEs) from the maintenance of cash reserve ratio (CRR).<\/p>\n<p>&#8211; two 6-month US Dollar sell\/buy swap auction providing dollar liquidity amounting to USD 2.71 billion.<\/p>\n<p>&#8211; fine-tuning variable rate repo auctions of ?50,000 crore and ?25,000 crore of 8 days and 3 days maturity on March 26 and March 31, respectively, with standalone primary dealers (SPDs) allowed to participate.<\/p>\n<p>&#8211; fine-tuning variable rate Repo auction of 16-day maturity amounting to ?81,585 crore on March 23-24, 2020.<\/p>\n<p>-The amount under the Standing Liquidity Facility (SLF) available for standalone primary dealers was enhanced from ?2,800 crore to ?10,000 crore on March 24, 2020 and this will be available till April 17, 2020.<\/p><\/blockquote>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff0000;\">*To read the detailed press note, please follow the link given below:<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/rbidocs.rbi.org.in\/rdocs\/Content\/PDFs\/GOVERNORSTATEMENT5DDD70F6A35D4D70B49174897BE39D9F.PDF\"><strong><span style=\"color: #ff0000;\">PRESS NOTE<\/span><\/strong><\/a><\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><strong>Reserve Bank of India<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Significant pointers placed by RBI Governor Shaktikanta Das in the press conference: Liquidity in markets 150 RBI Staff quarantined. Minimise market volatility. <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[40234,22074,36963,40235],"class_list":["post-227579","post","type-post","status-publish","format-standard","hentry","category-hot_off_the_press","category-news","tag-cash-reserve-ratio","tag-moratorium","tag-repo-rate","tag-reverse-repo-rate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>[LIVE] BREAKING | COVID-19 | RBI announces measures to combat Corona Virus -- Moratorium of 3 months on all loans | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/27\/bfeaking-covid-19-rbi-announces-measures-to-combat-corona-virus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"[LIVE] BREAKING | COVID-19 | RBI announces measures to combat Corona Virus -- Moratorium of 3 months on all loans\" \/>\n<meta property=\"og:description\" content=\"Significant pointers placed by RBI Governor Shaktikanta Das in the press conference: Liquidity in markets 150 RBI Staff quarantined. 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ground that faith shines brightest and comes to our rescue.\" RBI Governor Shaktikanta Das drew hope and inspiration from the 1929 statement of the Father of the Nation, as he announced yet another set\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":215434,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/06\/06\/breaking-rbi-reduces-policy-repo-rate-under-the-liquidity-adjustment-facility-by-25-basis-points-to-5-75-from-6\/","url_meta":{"origin":227579,"position":2},"title":"Breaking | RBI reduces policy repo rate under the liquidity adjustment facility by 25 basis points to 5.75% from 6%","author":"Bhumika Indulia","date":"June 6, 2019","format":false,"excerpt":"On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy 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