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

Reserve Bank of India (RBI) Goverr Shaktikanta Das on Friday dressed media via video conference, a day after government anunced a Rs 1.75 lakh crore pack to help poor and migrant workers tackle financial difficulties arising from 21-day lockdown imposed due to Coronavirus pandemic. 

Here's a summary of his anuncements:

Key rates slashed: Goverr anunced a reduction in repo rate and reverse repo rate. " repo rate has been reduced by 75 basis points to 4.4 %. reserve repo rate has been reduced by 90 basis points to 4%," Das said. decision for "a sizeable reduction" in policy repo rate, according to RBI Goverr was taken to "revive growth and mitigate impact of COVID-19 and ensure financial stability." Repo rate cut - which is rate of interest at which banks borrow from RBI - will ensure banks have more access to funds, while Reverse-Repo rate cut will make it less attractive for banks to park ir funds with central bank.

projections given due to Coronavirus-induced volatility: Inflation & growth projections would be highly subject to volatility - hence, projection given, said RBI Goverr, mitting that 5.0% GDP growth forecast was under threat.

EMI Moratorium: He said, "All commercial banks including regional rural banks, cooperative banks, NBFCs (including housing finance companies) and lending institutions are being permitted to allow a moratorium of 3 months on payment of instalments in respect of all term loans outstanding as on March 1."  moratorium will t result in asset classification downgre and will have  verse impact on credit history of beneficiaries.

Goverr also said that Indian banking system is "safe and sound" and depositors should t resort to panic withdrawal of ir deposits. He urged those with deposits in private banks to t indulge in panic withdrawal. Measures were also anunced and listed to shore up liquidity. 

measures came a day after Finance Minister Nirmala Sitharaman anunced a Rs 1.7 lakh crore Coronavirus lockdown relief pack - divided between food security and DBT cash transfer.

WATCH full news conference here: