RBI Governor Press Conference Highlights | Term loan moratorium extended till August 31, says Shaktikanta Das
RBI Governor Shaktikanta Das May 22 addressed the media for the third time in three months to announce Coronavirus-related relief measures.
Here are the key highlights:
--Repo rate cut by 40 bps to 4 percent, Reverse Repo gets adjusted to 3.35 percent.
--GDP growth outlook for FY21 seen in negative territory, some pick up seen in H2 of FY21.
--Term loan moratorium extension for another three months till August 31
--Accumulated interest for moratorium period can be converted into a term loan. It does not have to be repaid immediately after moratorium ends
--Group exposure limit for lenders increased to 30 percent from 25 percent
Highlights of RBI measures since lockdown: Growth and inflation statements
> May 22
- FY21 GDP growth seen in negative territory
- MPC believes inflation outlook is uncertain
> April 17
- Inflation could decline further and settle below 4 percent by H2FY21
- Inflation to fall below 4 percent target by Q3, Q4
> March 27
- Implied GDP growth of 4.4 percent in H2 is now at risk
- Projection of growth and inflation to be heavily contingent on spread of pandemic
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