Coronavirus Relief Package 1.7 Lakh Crore | RBI Reduce Loans Interest Rate

If we think about Coronavirus, the first thing in our mind is a lockdown. Due to Coronavirus, there has been a 21-day lockdown in India. Because of which everyone has to stay at home, But the economic implication of this is also very big. Now the finance minister-Nirmala Sitharaman Made very important announcements in recent times.

Coronavirus Relief Package India

RBI meet has its main implications on the banking sector, like the CRR was reduced. So the liquidity situation in the banking sector improves a little which was in a little panic because of panic withdrawal. It was in a little panic and was under a little stress.

How those announcements are very important for every person?

There are following important coronavirus Relief Package from the government-

First Point-

The government has said that if you have not linked your Aadhar card to your pan card yet. The deadline for that has increased from 30th March to 30th June. The people who file GST and have to file the GST of March, April and May they can file GST until 30th June. The date to file taxes which was 30th March has now increased to become 30th June.

Second Point-

The government has said that wherever you have to withdraw money from, any ATM. Now you don't have to give that charge Like until now if you had one ATM and you withdrawal money from another ATM. If you withdraw money from there, you used to charge a certain amount which was slightly lower, but now that charge has been completely removed because now people can only use money from the ATM closest to their house.

Third Point-

If you had to maintain your account in any bank. In many places you need to have a minimum balance account, If your balance went below that, then you had to give a charge on that. But the government has said that has been removed now. Even if you have a little money in your bank account And you need that in an emergency. You can use that money you will not be charged anything now.

Fourth Point-

For frontline workers, Who are working in the frontline and fighting against Coronavirus, Which is our medical team. The people who are curing people and fighting against Coronavirus. The government has announced Rs. 50 Lakhs cover insurance for those people who are fighting against Coronavirus in the frontline.

Fifth Point-

This is an important point for the people who come to the low-income group. The finance minister has said that the 80 lakh people, who come in the low-income group. For them 5 kgs wheat, or 5 kgs rice, 1 kg of their preferred dal. They will get that free in the coming time, month by month, So for them, a good package has been announced. So that their basic requirements can be fulfilled.

Sixth Point-

Up to 1.7 lakh crore, Pradhan Mantri Garib Kalyan Yojana. Has been announced so that until the poor people, Money can be reached for their basic necessities. So the poor people who are at home right now, for whom there is a big problem right now.

About where they will get ration, so all these things have been kept in mind. In the announcement that Nirmala Sitharaman had made some time ago, so for this lockdown, it is very necessary for everyone to stay at home. And take care of yourself at home.

Seventh Point-

RBI's policy meeting: Whenever an up and down like this comes in the economy, it is very important to see the policy RBI comes out with because RBIs policy which we call monetary policy. It is very important to bring back economic activity in the economy. 

What people were expecting that interest rates will be lowered, because of which RBI reduced the interest rate and the interest rate was reduced by 0.75% and become 4.4%.

Why is the interest rate reduced so much when there is a problem in the economy?

So the biggest reason for reducing the interest rate is that for bringing in liquidity in the country. When RBI reduces its interest rate, the loan that people get is cheaper, when people get loans at a lower rate more people will go to apply for a loan. 

When people go to take loans-They will invest money, spend the money back in the country and the economic activity in the country will be on track again. So whenever an economic situation like this arises in the country again there, the central bank normally reduces its interest rate. Because of which even RBI reduced its interest rate by 0.75% in recent times. So it is possible that we can see a good result of that in the coming days. 

Recent RBI meet which we call (CRR) Cash Reserve Ratio-

This ratio tells us that if a bank has a total deposit of Rs 100, How much percent of that money should they keep with RBI. So consider is that ratio is 4%. If the bank has Rs 100, they have to keep Rs 4 with RBI which they cannot use. RBI keeps that with them so the CRR ratio has been reduced by 1% today by the RBI. Now the new CRR ratio is around 3%, so the reason for reducing this is that the little money that was kept with RBI. If that money comes out of RBI and goes into the banking system. Then that money will be available to give to people as loans. Because of which the liquidity position of banks in our country will become better. 

The RBI has said that by reducing the CRR- The liquidity in India will improve by 1.37 lakh crore. So when a situation like this comes, people withdraw in panic. And when people withdraw then there comes pressure on the banking sector. To reduce that, RBI has reduced its CRR ratio today. So because of that, we might be able to see a positive impact on the Indian economy in the coming days. 

Now the Reverse Repo rate has been reduced- 

The new reverse repo rate has been reduced to 4% and that has been reduced by 19 bases point, So because of this, it is possible that the economic conditions in India can be improved.

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