New Delhi (Media Bureau) The Reserve Bank of India (RBI) has come to the rescue of the people of the country who are facing a lockout due to the corona virus. In fact, the RBI has announced a 0.40 per cent cut in the repo rate It has been reduced from 4.4% to 4%.This decision can reduce the EMI of the general public In addition, RBI Governor Shaktikanta Das has also announced an additional three-month rebate on EMI payments. This means that even if you do not pay the EMI of your bank loan for the next 3 months, the bank will not put any pressure on you. It should be noted that earlier this exemption was given from March to May And now the EMI payment waiver has been extended till August.RBI has extended term loan mortgage till August 31. Earlier, it was till May 31 After an extension of three months, a 6-month waiver facility is now available That is, if you do not pay your 6 months EMI, your loan will not be considered in the NPA category by default or NPA.The Governor said that at the MPC MPC meeting, 6-5 members had agreed to reduce interest rates. This decision will make EMI cheaper on all types of loans including home loan, car loan, personal loan. The MPC, led by RBI Governor Shaktikanta Das, last cut the repo rate (on which the central bank lends to banks) from 0.75 per cent to 4.14 per cent on March 27.
