As per the latest news, RBI has extended the loan moratorium further for another three months. This will be a huge relief for all middle-class families. After having already implemented this from March to May, now the RBI further extends it to 31st August.
There is no need to say about the coronavirus wreaking havoc all over. Not only this Chinese virus is costing us lives, but it also drowning the world into recession. And in a country like India where most of the population is middle class, the conditions are even worse. It is already known thing that very little to no salaries are being paid across all the sectors independent of the coronavirus effect. And this is making tough even to run the family. So, RBI has yet again come up with a relief measure.
The RBI has extended loan moratorium for another three months till 31st August. Not to forget that it is already being implemented from March to May. This comes down as a huge relief for all the middle-class families who are having tough times in receiving the salaries. Earlier, RBI has also announced several measures to ease the liquidity flow and boost the economy. But they did not yield good results, all credits to the lockdown. Now the RBI has decided to reduce the policy repo rate by 40 bps to 4%.
On the other hand, the coronavirus cases in India have already crossed 1 Lakh a couple of days ago. They are increasing rapidly with more than 5000 new cases each day. The Indian government is trying its level best to revive the country both from the virus and from an economic disaster.