RBI Announcement 22 May 2020

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RBI Announcement 22 May 2020

On the basis of an assessment of the current and evolving macroeconomic the situation, the Monetary Policy Committee (MPC) at its meeting today (May 22, 2020) decided to:

  • Reduce the policy repo rate under the liquidity adjustment facility (LAF) by 40 bps to 4.0 percent from 4.40 percent with immediate effect.
  • Accordingly, the marginal standing facility (MSF) rate, and the Bank Rate
    stand reduced to 4.25 percent from 4.65 percent, and
  • The reverses repo rate under the LAF stands reduced to 3.35 percent from
    3.75 percent.
  • In view of the extension of the lockdown and continuing disruptions on
    account of COVID-19, it has been decided to permit lending institutions to extend the moratorium on term loan instalments by another three months, i.e., from June 1, 2020, to August 31, 2020. Accordingly, the repayment schedule and all subsequent due dates, as also the tenor for such loans, maybe shifted across the board by another three months.
  • In respect of working capital facilities sanctioned in the form of cash
    credit/overdraft, lending institutions are being permitted to allow a deferment of another three months, from June 1, 2020, to August 31, 2020.

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