As per report former Finance minister P chidambaram has welcomed the decision of the bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>rbi to cut report and reverse repo rate while raising concerns over central bank’s step on putting on hold EMI payments on all term loans for three months. Meanwhile soon after bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india governor Shaktikanta Das announced measures that will be taken to offset the coronavirus impact on the indian economy, P Chidamabarm messaged, I welcome the RBI’s decision to cut the repo rate and measures to provide more liquidity.
chidambaram, however, raised concerns over RBI’s decision to put EMIs on hold calling the measure ambiguous and half-hearted. However, the RBI’s direction on deferment of EMI dates is ambiguous and half-hearted. The demand is that all EMI due dates must be automatically deferred, Chidambaram. Furthermore the bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>rbi cut repo to 4.4 per cent, the lowest in at least 15 years. Also, it reduced the cash reserve ratio maintained by the banks for the first time in over seven years. CRR for all banks was cut by 100 basis points to release Rs 1.37 lakh crore across banking system.
The reverse repo rate was cut by 90 bps to 4 per cent, creating an asymmetrical corridor. bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>rbi governor Shaktikanta Das predicted a big global recession and said india will not be immune. It all depends how india responds to the situation.
