Lockdown 4.0: Good news to loan borrowers from RBI!

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In a third press meet since the coronavirus-actuated lockdown started on March 25, Reserve Bank of India (RBI) Governor Shaktikanta Das today cut the repo rate by 40 basis points to 4%. This brought the repo rate down from 4.4% to 4%.

The RBI governor cut its repo rate by 75 basis points last month and it has now been reduced by another 40 basis points. 100 basis points equals 1 percent. With the reduction of the RBI repo rate, the debt burden for the common man will be greatly reduced. On the other hand, the RBI reduced the reverse repo rate to 3.35%.

Das furthermore declared a three-month moratorium to be offered by banks to give alleviation to borrowers whose pay has been suffered because of the lockdown. The loan moratorium has now been extended till August 31 for a period of six months.

Finance Minister Nirmala Sitharaman, who as of late reported the ₹20 lakh crore economy package in five tranches, will likewise hold an audit meeting with CEOs of public sector banks (PSBs) today to talk about different issues, including loan disbursement, as a major aspect of endeavors to restore economy reeling under the COVID-19 effect.

This is the seventh consecutive year that the Reserve Bank of India has lowered the repo rate. Incorporating a total of seven times, the basis points reduced to 250. That is, if interest is reduced by 2.50%. Now the Interest rates will also come down as the RBI repo rate is lowered. The home loan and vehicle loan burden will be greatly lowered. New home planners, car buyers and business loan borrowers are likely to attract new interest rates hence forth.

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Place Confirmed Cases Active Cases Recoverd Cases Deaths India  1,24,073 69,052 51,307 3,707 World Wide 52,43,932 27,92,149 21,15,829 3,35,954   India - State wise Report OK State Confirmed Cases Deaths Andhra Pradesh 2667 55 Telangana 1699 45 Tamil Nadu 14753 99 Kerala 734 5 Maharashtra 44582 1517 Karnataka 1743 41 Rajasthan 6377 152 Chhattisgarh 132 0 UP 5515 138 Delhi 12319 208 Gujarat 13272 802 Haryana 1068 16 Punjab 2029 39 Ladakh 44 0 West Bengal 3352 265 Madhya Pradesh 5981 271 Chandigarh 219 3 Jammu & Kashmir 1489 20 Uttarakhand 148 1 Himachal Pradesh 164 4 Goa 54 0 Odisha 1189 7 Bihar 2105 11 Puducherry 23 0 Jharkhand 308 3 Manipur 26 0 Meghalaya 14 1 Mizoram 1 0 Assam 255 4 Andaman & Nicobar Islands 33 0 Arunachal Pradesh 1 0 Dadar and Nagar...

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