Highlights: RBI keeps key lending rates unchanged, loans against gold enhanced to 90% of value

Hindustan Times, New Delhi | Byhindustantimes.com | Edited by Anubha Rohatgi
Aug 06, 2020 01:34 PM IST

Reserve Bank of India (RBI) governor Shaktikanta Das announced key policy decisions on Thursday during the bi-monthly monetary policy address.

RBI governor Shaktikanta Das(ANI File Photo)
RBI governor Shaktikanta Das(ANI File Photo)

In an important step, the central bank decided to leave the repo and reverse repo rates unchanged. Thus, the repo rate continues to be at four per cent while the reverse repo rate remains unchanged at 3.3 per cent, Shaktikanta Das said at a virtual press conference.

Here are the highlights:

- Priority sector lending status extended to start-ups

- Loans against gold enhanced to 90% of the value from current 75% to mitigate Covid-19 impact on households

-With Covid-19 continuing to affect economy, stressed MSME borrowers to be eligible for restructuring of debt if their accounts were classified standard

- RBI allows lenders to provide window to restructure loans of corporate, individual borrowers to ease Covid-19 impact, says Governor Das

- Rs 10,000 cr additional liquidity facility to be provided by NHB, NABARD

- In India, economic activity had started to recover, but surges of fresh infections have forced fresh lockdowns, hence several high-frequency indicators have levelled off

- Real GDP growth to remain in negative zone in 1st half and in full fiscal

- India’s economic growth to contract in first half of fiscal beginning April 2020

- Supply chain disruptions persist; inflation pressures evident across segments

- Headline inflation likely to remain elevated in Q2 but likely to ease in second half: RBI governor

- Economic activity had started to recover, but surge in infection has forced imposition of lockdowns,

- Global economic activity has remained fragile; surge in Covid-19 cases has subdued early signs of revival, says RBI Governor

- RBI to maintain accommodative stance

- Reserve Bank of India keeps interest rates unchanged at bimonthly monetary policy review

- Reverse repo rate also remains unchanged at 3.3%: RBI Governor Shaktikanta Das

- RBI keeps repo rate unchanged at 4%

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