BJP chief Nadda deems RBI's measures 'necessary'; hails govt's Coronavirus relief package

Hours after RBI's decision to slash repo rate and to give 3 month EMI moratorium, BJP national president JP Nadda has hailed decision. Speaking to news ncy ANI, he said that government is taking all necessary actions to help citizens in this difficult time. He also appreciated Central government's move to anunce relief pack. 

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"Yesterday, Government anunced a relief pack. Today, ar RBI has taken many important decisions to give support and stability to Indian ecomy. RBI has slashed down Repo rate, Reverse Repo rate and Cash Reverse ratio to give strength to ecomy. To help middle class, RBI has given moratorium of 3 months and also waving off interest. I welcome se progressive and timely measures," he said. 

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RBI's anuncement

 Reserve Bank of India anunced on Friday that banks are permitted to allow a 3-month moratorium on payment of installments of all term loans outstanding on March 1, 2020. This decision applies to all regional, rural banks, co-operative banks, NBFCs including Housing Finance Companies. moratorium will t result in asset classification downgrade and will have  adverse impact on credit history of beneficiaries.

WATCH most important RBI briefing: From Repo rate slash to 3-month EMI moratorium

Reserve Bank of India goverr Shaktikanta Das also anunced a 'sizeable reduction' in policy repo rate of country, slashing it by 75 base points to 4.4%.

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