Indian Finance Minister for banks’ uninterrupted operation – Gulf Today

Indian Finance Minister for banks’ uninterrupted operation – Gulf Today

RBI Governor Shaktikanta Das said on Friday: "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) are being permitted to allow a moratorium of three months on payment of instalments in respect of all term loans outstanding as on March 1, 2020.". In financial parlance, term loans includes home, personal, education, auto and any loans that have a fixed tenure.. The Monetary Policy Committee of the central bank in an unscheduled meeting reduced the repo rate, the key interest rate at which the RBI lends short-term funds to commercial banks, by 75 basis points to 4.40 per_cent from 5.15 per_cent.. The reverse repo rate was also reduced by 90 basis points to 4 per_cent..