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Reserve Bank of India slashes repo rate by 40 basis points

Friday, 22 May 2020
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The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) has slashed the repo rate under the liquidity adjustment facility (LAF) by 40 basis points to four percent from 4.40 percent. The marginal standing facility (MSF) rate and the bank rate stand have also been reduced to 4.25 percent from 4.65 percent. 
 
The reverse repo rate under the LAF stands reduced to 3.35 percent from 3.75 percent. 
 
RBI had announced a special refinance facility of Rs 15,000 crore to SIDBI for on-lending/refinancing. Advances under this facility were provided at the RBI’s policy repo rate at the time of availment for a period of 90 days. In a move to provide greater flexibility to SIDBI in its operations, the RBI decided to roll over the facility at the end of the 90th day for another period of 90 days. 
 
On March 27, 2020, the RBI permitted all commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, all-India Financial Institutions, and NBFCs (including housing finance companies and micro-finance institutions) to allow a moratorium of three months on payment of installments in respect of all term loans outstanding as on 1 March 2020. 
 
In view of the extension of the lockdown and continuing disruptions on account of COVID-19, the RBI decided to permit lending institutions to extend the moratorium on term loan installments by another three months, from 1 June 2020 to 31 August 2020. 
 
Accordingly, the repayment schedule and all subsequent due dates, as also the tenor for such loans, may be shifted across the board by another three months.
 
RBI has also increase the maximum permissible period of pre-shipment and post-shipment export credit sanctioned by banks from the existing one year to 15 months, for disbursements made up to 31 July 2020. 
 
RBI had permitted an increase in the period of realisation and repatriation of export proceeds to India from nine months to 15 months from the date of export in respect of exports made up to or on 31 July 2020. It has now increased the maximum permissible period of pre-shipment and post-shipment export credit sanctioned by banks from the existing one year to 15 months, for disbursements made up to 31 July 2020.

 

 
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