To provide relief to the middle class amid the disruption caused by the coronavirus lockdown, the Reserve Bank of India today allowed banks and other financial institutions to permit moratorium on three months on payment of instalments of all term loans outstanding as on March 1, 2020.
Loan repayment/EMIs can be deferred by 3 months: 5 things to know
In addition, the RBI today announced big rate cuts - both in repo rate and cash reserve ratio. The central bank also announced many measures to boost liquidity, a move that will release will inject a total liquidity of ₹3.74 lakh crore to the system.
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