तीन महीने तक कर्ज से मुक्त रहने के लिए खाद्य समाचार ईएमआई देने की जरूरत नहीं:-
What 3-month moratorium on repayment of term loans means for borrowers
Today's top business news: RBI announces 3-month loan moratorium, analysts slash growth estimates, gold set for best week in 11 years, and more
#Updates from the world of economy, markets, and finance
Various estimates regarding the impact of the coronavirus pandemic on the world economy are starting to pour in, with many terming the current crisis as worse than the 2008 global financial crisis.Stocks are off to a strong start today with gains of over 3%. The Sensex has gained close to a thousand points while the Nifty is trading near the 9,000 marks. This has helped the rupee post some gains against the US dollar.
#Manojit Saha reports from Mumbai:-
The Monetary Policy Committee today announced a set of comprehensive measures to address liquidity, easing financial pressures on businesses and providing enough support to help the financial system battle the consequences of the COVID-19 pandemic. Liquidity measures announced were to the tune of Rs 3.74 lakh crore across three measures comprising Long Term Repo Operation (LTRO), CRR cut of 100 bps and the increase in marginal standing facility (MSF) to 3% of the Statutory Liquidity Ratio (SLR). That is a large amount of liquidity injection into the financial system that should help financial institutions and flow of funds to the real economy - Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank
Given that the current lockdown is expected to have a negative impact on the cash flows of companies, the moratorium on repayments of term loans for a period of 3 months will help companies tide over this period. However, CII would urge that this period be extended further in case the impact of the virus outbreak lasts longer than expected. The RBI governor did well to provide the assurance that all instruments are on the table to protect the economy and the financial system from either an excessive downturn or volatility." - Chandrajit Banerjee, Director General, CII
“Expectations from RBI were riding very high on rate cut, moratorium and liquidity measures. RBI has delivered on every count. This will provide significant support to the market and economy. The small finance banks will see significant liquidity free u, which is critical to tide through the current challenges. While the measures were much needed but the markets will move now on how the Covid curve behaves in India. Longer shut downs will be detrimental to economy and the markets. Earlier recovery from
lock down will mean a V shaped market recovery.” - Naveen Kulkarni, Chief Investment Officer, Axis Securities Limited
“RBI has announced all best possible praiseworthy measures to support banks and all sectors of economy to overcome ongoing adverse impact of COVID 19. Huge liquidity infusion of 3.74 Cr, 100 bps CRR cut, long term Repo auction, 3 months moratorium on loan repayment and deep Repo cut of 75 bps. Huge interest reduction to all Retail and home loans linked with Repo. Coordinated efforts of Government and RBI will help Indian Economy to come out of these challenging times” - Deo Shankar Tripathi, MD and CEO of Aadhar Housing Finance
"RBI has effectively thrown a lifeline with its 3-month EMI moratorium and working capital interest forbearance. The COVID-19 pandemic has impacted all systems globally, and broken MSME supply chains across most sectors in India. RBI Governor Shaktikantha Das has made the right move by addressing the nation right away given the unprecedented economic reality that we are experiencing today. As the COVID-19 situation unfolds, our hope is they will continue to ease the economic burden on MSMEs who are the backbone of the Indian economy."- Hardika Shah, Founder & CEO, Kinara Capital
Allowing all banks and NBFCs to offer a 3-month moratorium on repayments of all term loans to their borrowers is a positive step. However, this being an optional move, its implementation has been left to the lending institutions. The fact that no borrower’s credit history will get affected because of this provides relief to all categories of borrowers. This will also provide the companies some breathing space to re-draw their strategies and re-invent themselves - Hemant Kanoria, Chairman, Srei Infrastructure Finance Limited
What does moratorium on loan mean?
Moratorium period refers to the period of time during which you do not have to pay an EMI on the loan taken. This period is also known as the EMI holiday. Usually, such breaks are offered to help individuals facing temporary financial difficulties to plan their finances better.How to manage loans, credit card spends effectively:-
Prafull has been careless with his spending habits and has got himself into a huge debt, which he is unable to pay off. He has multiple credit cards on which he has touched the maximum credit limits, he has outstanding EMIs on electronics purchased and has even borrowed from friends and family. He makes random repayments whenever he has money. Prafull realizes he is in trouble and needs to manage the situation, but does not know where to begin.
It was a disappointing day for stocks with both benchmark indices losing the significant gains with which they began trading this morning.
The Sensex ended the day down 130 points after being up close to 1,000 points during the morning sessions.
The Nifty recorded minor gains to close the day at 8,660 after trading close to the 9,000 marks earlier today.
Saudi Arabia struggles to find buyers:-
for its oil output Saudi Arabia, which entered into a price war with Russia earlier this month, is finding out that things aren't going according to plan. With the global lockdown hitting oil demand, Saudi Arabia's plan to increase market share has been hit hard.
Reuters reports: "Saudi Arabia is struggling to find customers for its extra oil as demand plummets due to the coronavirus and freight rates surge, industry sources said, undermining the kingdom's bid to seize market share from rivals by expanding production.
The world's top oil exporter plans to boost exports sharply after the collapse this month of a three-year deal on cutting supply between the Organization of the Petroleum Exporting Countries and other producers, including Russia.
But with demand also tumbling because of global measures to contain the coronavirus outbreak, oil companies have been reducing refinery processing rates and are in no rush to buy extra Saudi barrels, the sources said."
RBI recommendation for a moratorium on EMI repayments half-hearted, says Chidambaram"-
Former Finance Minister P. Chidambaram on Friday welcomed the Reserve Bank of India’s (RBI) move to infuse liquidity into the markets but claimed that its recommendation for a three-month moratorium on EMI repayments was ‘half-hearted’.“I welcome the RBI’s decision to cut the repo rate and measures to provide more liquidity,” Mr. Chidambaram said on Twitter soon after RBI governor Shakti Kanta Das announced the decisions taken by the Monetary Policy Committee (MPC) of the central bank.
Apart from increasing liquidity with steps such as reducing the cash reserve ratio, the RBI announced that banks are permitted to allow a three-month moratorium on payment of EMIs on all term loans that were outstanding on March 1.
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