RBI sees -ve growth, cuts repo rate by .4%
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New Delhi, May 23 -- The Reserve Bank of India (RBI) has painted a dismal picture of Indian economy on the basis of negative growth and high inflation projection. As a remedial measure, the Central bank cut interest rate by 40 basis points. The RBI said that the impact of Covid-19 is more severe than anticipated and the GDP growth during 2020-21 is likely to remain in the negative territory.
The central bank announced a further three-month extension on moratorium on term loans, deferment of interest on working capital, easing of working capital financing requirements by reducing margins, exemption from being classified as defaulter, extension of timeline for stressed assets, and asset classification standstill.
The extension on moratori...
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