Standard Chartered Bank CEO hails RBI's cut down of interest rates
New Delhi/UNI: Standard Chartered Bank CEO Zarin Daruwala on Friday hailed RBI's step to cut interest rates by 75 basis points to 4.4 per cent and said that the bold steps initiated by the Monetary Policy Committee should help financial markets tide over the current situation.
The 100 bps Cash Reserve Ratio (CRR) cut along with the 75bps repo rate cut and additional liquidity under the marginal standing facility (MSF), will free up precious term liquidity to augment the government’s fiscal efforts, she said in a statement issued here.
The three-years targeted long term repo operations (TLTRO) will decongest credit channels and lower the cost of credit, providing much-needed relief to corporates. The moratorium on loan EMIs, term loans and working capital facilities, is expected to provide relief to retail and corporate customers during these uncertain and challenging times, she added.
A day after finance minister Nirmala Sitharaman released a ₹1.7 lakh crore package to combat the impact of the 21-day coronavirus lockdown, Reserve Bank of India (RBI) Governor Shaktikanta Das announced the move, along with the several measures to inject ₹3.74 lakh crore liquidity into the system.
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