Three more months of relief in paying EMI in India

India's Central Reserve Bank Governor Shaktikanta Das announced on Friday to extend the loan repayment period for another three months, while providing relief to the people repaying the loans.

Reserve Bank Governor Shaktikanta Das said that the global economy has moved towards recession. The Corona epidemic has affected the government's income.

Earlier on 27 March this year, RBI had advised banks to extend the loan moratorium period for 3 months.

Repo rate reduction

Reserve Bank of India Governor Shaktikanta Das has announced 40 basis points in the repo by holding a press conference. The repo rate has been reduced from 4.4% to 4%.

The Reserve Bank has cut the repo rate three times in a row since the lowdown.

The cut in the repo rate affects the loan from banks. This affects the interest rates.

The reverse repo rate has also been cut by 40 basis points and now it has come down to 3.35%.