On Thursday 6th August 2020 the RBI introduces an optional Automated Sweep-In and Sweep-Out (ASISO) facility in the digital platform e-Kuber system to help banks manage liquidity in the situation of COVID-19. According to the ASISO facility, banks will be able to set the specific amount or range amount that they wish to keep as balances in their current accounts with the … [Read more...]
Impact of COVID-19: RBI cuts repo rate and the moratorium on repayment of all loans
Key Highlights RBI Governor announces to lowest ever cut repo rate by 75 basis points to 4.4%, Lowers reverse repo rate by 90 basis points. Central Bank cuts the Cash Reserve Ratio by 100 bps to 3%, Central Bank announces to unlock ₹ 1.37 lakh crore liquidity All Commercial Banks, Co-oporative Banks, All India Financial Institutions and Non-Banking Financial Company, to … [Read more...]