New Delhi (NVI): Prime Minister Narendra Modi today praised the Reserve Bank of India (RBI) for taking measures to cushion the impact of coronavirus on the economy.
His remarks came after the Centra Bank cut the benchmark interest rate by 75 basis points to 4.4 per cent today to tackle the challenges thrown by COVID-19 on the economy.
PM Modi tweeted, “RBI has taken giant steps to safeguard our economy from the impact of the Coronavirus. The announcements will improve liquidity, reduce cost of funds, help middle class and businesses”.
Today @RBI has taken giant steps to safeguard our economy from the impact of the Coronavirus. The announcements will improve liquidity, reduce cost of funds, help middle class and businesses. https://t.co/pgYOUBQtNl
— Narendra Modi (@narendramodi) March 27, 2020
RBI Governor Shaktikanta Das, in a briefing today, said that RBI has injected Rs 3.74 lakh crore liquidity into the system through various measures.
Apart from the repo rate, the central bank slashed reverse repo rate by 90 basis points to 4 per cent.
RBI also announced a three-month moratorium on EMI payments for all types of term loans applicable to all the banks to reduce the economic damage caused due to the unprecedented coronavirus contagion.
