NEW DELHI: Commerce and Industry Minister Piyush Goyal on Friday said decisions of the RBI will provide much needed relief to people and businesses.
"Welcoming @RBI's move to provide 3 months moratorium on payments of term loan instalments (EMI) and interest on working capital," he said in a tweet.
Amidst this hour of need, he said "this move has provided a much needed relief to people and businesses".
The RBI on Friday put on hold EMI payments on all term loans for three months and cut interest rate by steepest in more than 11 years as it joined the government effort to rescue a slowing economy that has now got caught in coronavirus whirlwind.
The Reserve Bank of India (RBI) cut repo to 4.4 per cent, the lowest in at least 15 years. Also, it reduced the cash reserve ratio maintained by the banks for the first time in over seven years. CRR for all banks was cut by 100 basis points to release Rs 1.37 lakh crore across banking system.