RBI cuts repo rate, extends loan moratorium, projects negative GDP growth

RBI Governor Shaktikanta Das extended the moratorium period by another three months from June 1 to August 31 due to lockdown extension

FM Nirmala Sitharaman postpones meet with PSB chiefs to later this week

The agenda also included taking stock of interest rate transmission to borrowers by banks and progress on moratorium on loan repayments

The virtual meeting of the finance ministers and central bank governors comes within a fortnight of their last meeting on March 31

He said the decision of RBI was ‘a confirmation of what the party had been forewarning about the state of the economy.’

RBI trims GDP growth forecast for current fiscal to 6.9 per cent from 7 per cent previously predicted.

This is the second high-profile exit from the Reserve Bank of India (RBI) in the last seven months.

The chamber in its submission has also sought further cut in the repo rate in the coming quarters.

All banknotes in the denomination of Rs 50 issued by the Reserve Bank in the past will continue to be legal tender.

The DFS also asked to provide details on composition of search committee to short-list candidates.

As many as seven payments banks operate in India.