Under the scheme, a resolution plan for personal loans may be invoked till December 31 and will be implemented within 90 days thereafter
The MPC, headed by RBI Governor, is scheduled to meet for three days beginning August 4
The RBI has already cut rates by 1.15 per cent in two moves since the onset of the Covid-19 pandemic in March
In 12 months, bond yields are down 100 bps, against 200-bps cut in repo
HDFC Bank cuts base rate by 55 bps; SBI calls ALCO meeting to take call
Exporters laud timely steps but want direct fiscal support, full package
Since the repo rate has been revised by 115 bps in the last two months, EMIs would fall when banks reset loan rates
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Lenders to face central bank's censure; board meet in May seen leading to fresh measures
The new announcements would help lift home buyer sentiment, kick-starting the demand cycle for mid-range homes and in affordable housing
Consequently, the lender has also reduced interest rates on retail and bulk deposits by between 20 to 100 basis points across various tenors
The three-month moratorium on payments of term loan instalments (EMI) and interest on working capital give much-desired relief, she added
The central bank has announced a series of measures to tide over any liquidity issues caused by the Coronavirus dislocation in the markets
The finance ministry has been nudging public sector banks to pass the whole repo rate cuts to retail loans for pushing consumption
People remain a little skeptical on how much rate cuts can aid economic recovery at a time when coronavirus is getting a tighter grip on the world
To keep inflation under specified level, the government in 2016 had decided to set up MPC headed by RBI governor entrusted with the task of fixing the benchmark policy rate (repo rate)
The market has taken the long-term repos worth Rs 1 trillion as the biggest developmental and regulatory step that came out of the blue, analysts said
The RBI raised its inflation projection for the six months to Sept to 5-5.4% from 3.8-4% previously, while terming the outlook on price rise as "highly uncertain"
At the sixth bi-monthly policy announcement, where the policy rates were left unchanged, the Reserve Bank announced long-term repurchase agreements (repos) of one-year and three-year tenors
Following the November print of 5.54%, RBI had sprung a surprise and opted to hold the repo rate at 5.15 per cent. It, however, continued with the accommodative stance as long as it was necessary.