RBI extends loan moratorium by another 3 months, till August 31; slashes Repo Rate again

Reserve Bank of India (RBI) Governor Shaktikanta Das while addressing the media on Friday announced that India's foreign exchange reserves had increased by 9.2 billion during 2020-21 from April 1 onwards. The total foreign exchange reserve stands at 487 billion US dollars as of to May 15, he revealed. 

Read: RBI Slashes Repo Rate By 40 Basis Points From 4.4% To 4%; Follows Up Aatmanirbhar Package

3-month extension of loan moratorium

Das also announced that the loan moratorium will be extended till August 31. "Three-month moratorium we allowed on term loans and working capitals with certain relaxations. In view of the extension of the lockdown and continuing disruption on account of COVID19, these measures are being further extended by another 3 months from June 1 to August 31," said the RBI Governor. This is the second consecutive extension of the moratorium on loans which makes it a six-month moratorium since March.

Read: India's 2020-21 GDP Growth To Remain In Negative Category; Forex Reserves At $487 Bn: RBI

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