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It has also allowed banks for deferment of interest on working capital loans for the next three months – until June 2020.
RBI Governor Shaktikanta Das in a press conference said these are extraordinary circumstances, and unprecedented measures are required to support the sagging economy as all the economic activities have come to a halt.
The liquidity measures announced by the RBI will make available a total Rs 3,74,000 crore to the country’s financial system.
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