Lockdown: The biggest cut in the repo rate by RBI, will be cheaper loan-reducing EMI

Lockdown: The biggest cut in the repo rate by RBI, will be cheaper loan-reducing EMI

➠The government is constantly trying to boost the country's economy amid lockdowns. Similarly, the Reserve Bank has cut the repo rate by 75 basis points as expected. After the cut, the repo rate has dropped from 5.15 to 4.45 percent. The cut in the repo rate is the largest in RBI history. To be sure, in the last two monetary review meetings, the RBI did not take any decision on the repo rate. In addition, the RBI also cut the reverse repo rate by 4 percent from 90 basic points.

The benefit of the repo rate cut is to hope to meet the millions of people who pay some kind of EMI, including a home, car or other type of loan.

➠The RBI governor said steps were being taken to tackle the challenge in cash flow caused by the Corona virus. The Cash Reserve Ratio (CRR) has been cut by 100 basis points to 3%. This has been done for a period of one year.

The finance minister did not comment on this in the announcement of the relief package on Thursday. Congress president Sonia Gandhi has also written a letter to PM Modi demanding that people's loan and payment of EMI installments be avoided for six months.

➠Letter from the Secretary of the Financial Services Department:

The finance ministry has written a letter to the Reserve Bank (RBI), urging them to take emergency measures to provide relief to consumers. Congress president Sonia Gandhi also wrote a letter to PM Modi on Thursday demanding that EMI and loan repayments should be avoided for six months when he saw Corona.

➠Announcement of package for the poor:

Finance Minister Nirmala Sitharaman on Thursday announced a special package of Rs 1.70 lakh crore for the poor amid a 21-day lockdown. Under this package, there was an effort to provide relief to the elderly, widows and midwives besides the peasants, laborers and women of the country, but the government did nothing about the middle class.

➠What the Finance Minister said on loan and EMI:

On the question of journalists in this regard, the finance minister said on loan and EMI concerns, "Currently our focus is on providing food to the poor and delivering money to them."

PM Modi confident - 'child army will succeed in lockdown'

Prime Minister Modi has announced a lockdown across the country for 21 days to stop the Corona virus. Modi has said on Twitter that I am confident that my child army, ie children, will ensure that people stay home. Due to this, India can effectively fight against Covid-19. PM has also shared the video with Twitter. Which is like touching the heart. The father of a child wants to get out of the house after talking over the phone. But the little girl keeps her father out of the house.

Video of father-daughter video of

Modi gone viral By 74,000 people like by Thursday, and 15 thousand people have re-tweeted. Has announced a 21-day lockdown on March 24. Required services are excluded from the lockdown service.

➠Lockdown Very Important:

Tuesday The Prime Minister said that a 21-day lockdown is necessary to save Hindustan. The masses will be much tougher than curfew. This is just a curfew. Forget 21 days what it takes to get out. If you do not take 21 days, your country and your family will be 21 years behind. Social distancing is essential to counteracting the corona virus. We have to break the transition cycle. Corona virus can only be saved if the target line of the house is not crossed.