RBI Announcement - COVID Package 2.0 !!
Reliefs & Measures are as follows -
1. Reverse Repo Rate cut by 25 Basis point to 3.75%.
2. No change in Repor Rate and stands at 4.40%.
3. NPA classification will exclude the Moratorium period (1st March to 31st May).
4. NBFC can extend Commercial Reality Loan by 1 year if the project is getting delay due to unavailable circumstances.
5. 10% provision on Standstill accounts.
6. LCR requirement being brought down to 80% (earlier 100%).
7. Special Refinance facilities amounting Rs. 50,000 crore to National Bank for Agriculture and Rural Development & SMEs.
8. Banks not to make any further Dividend payouts in view of Financial Difficulties arising from COVID-19.
The government may consider collapsing the five goods and services tax (GST) slabs into two and address inverted duty structure distortions in order to simplify the system and combat a shortfall in collections. These were among the recommendations made by a committee of officials from the Centre and the states on GST revenue augmentation, said people with knowledge of the matter.