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May 22, 2020

Piyush Goyal welcomes RBI's decision to cut Repo Rate

Commerce and Industry Minister Piyush Goyal has welcomed the RBI's decision to cut Repo Rate by 40 basis points from 4.4 per cent  to 4 per cent  and reducing Reverse Repo Rate to 3.35 per cent. In a tweet, Mr Goyal said, this will boost demand amid COVID-19 by extending affordable credit to MSMEs and other businesses and help realize the Prime Minister Narendra Modi's vision of Atmanirbhar Bharat.

He said, the regulatory and policy announcements by RBI will help ease financial stress and preserve financial stability. These include extension of the moratorium on loan EMIs up to 31st August this year, increase in export credit limit and extension of time for payment on imports.

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