The Reserve Bank Of India (RBI) reduced its repo rate by 40 basis points from 4.4% to 4% and noted that there will be gradual revival of activity and demand by the second half of FY21. However, the bank noted that gross domestic product will remain in negative territory this fiscal. In a key announcement, the central bank stated that term loan moratorium has been extended till August 31, making it a six month moratorium in total.
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