It is believed that if banks also extend its benefits to the customers, then the interest rates on home loans and other loans can be reduced, which will give relief to the common man.
The Reserve Bank of India (RBI) has cut the repo rate by 75 basis points amidst the panic of coronavirus and the disease-causing COVID-19, bringing it to 4.4 percent. If banks also extend its benefits to the customers. So the interest rates on home loans and other loans will reduce, which will give relief to the common man. Apart from the repo rate, the RBI has also cut the reverse repo rate by 90 basis points, which has now reached four percent.
Let me tell you, the Reserve Bank has taken this step a day after the government announced a relief package of Rs 1.70 lakh crore for the poor, elderly and women.
The Reserve Bank has also reduced the cash reserve ratio (CRR) of banks by one percent, which has come down to three percent. With all these measures, the economy can grow cash of Rs 3.74 lakh crore. Reserve Bank Governor Shaktikanta Das said that the Reserve Bank is working on the mission. The Reserve Bank will take whatever steps are necessary for the current situation. He said that the meeting of the Monetary Policy Committee has to be in the first week of April. But in view of the prevailing circumstances, it happened between 25 to 27 March.
Shaktikanta Das said that other steps, including a reduction in CRR, repo rate based auction, will provide additional cash money equal to Rs 3.74 lakh crore to lend to banks.
, the number of people who died due to Coronavirus in India increased to 17 on Friday and the infected cases reached 724. The Health Ministry, in its latest data, reported at 9.15 am that four people died in Maharashtra while three died in Gujarat. Two people have lost their lives so far in Karnataka while one person each died in Madhya Pradesh, Tamil Nadu, Bihar, Punjab, Delhi, West Bengal, Jammu Kashmir, and Himachal Pradesh.
According to the data, there are 640 such cases of Kovid-19 in the country in which patients are undergoing treatment while 66 people have either recovered or discharged from hospital and one person has went somewhere. The ministry said that 47 foreign nationals are also involved in 724 cases of infected people.