The announcement by RBI Governor Shaktikanta Das came a day after India’s finance ministry announced a 1.7 trillion ($22 billion) economic stimulus package. The package included delivering grains and lentil rations for three months to 800 million people, some 60% of the world’s second-most populous country.
The RBI held a monetary policy committee meeting nearly a week early to cope with the disruptions to the economy due to a three-week lockdown announced by Prime Minister Narendra Modi on Tuesday.
The RBI will also allow banks a 3-month moratorium on payments of installments on loans.
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