Bhubaneswar: The markets seem to have been badly hit by the Coronavirus outbreak.
All commercial banks including regional rural banks, cooperative banks, NBFCs (including housing finance companies) and lending institutions are being permitted to allow a moratorium (grace) of 3 months on payment of installments in respect of all outstanding term loans.
In addition to this, the The Repo rate has been reduced by 75 basis points to 4.4.%. The Reverse repo-rate has been reduced by 90 basis points to 4% informed the RBI Governor, Shaktikanta Das.
The RBI Governor has also said that, the Indian banking system is safe and sound, the investors need not worry.
He added, In recent past COVID- 19 related volatility in stock market has impacted share prices of banks and resulted in some panic withdrawal of deposits from a few private sector banks.
Prasanta Patnaik