Coronavirus outbreak: Union Minister Prakash Javadekar lends support to RBI's decision

New Delhi, Mar 27: Union minister Prakash Javadekar on Friday said the Reserve Bank of India's measures to help businesses tide over the economic crisis in the wake of the coronavirus outbreak would boost economic activities.

The RBI has asked all lending institutions to allow a three-month moratorium on EMI payments in order to infuse liquidity into the system. It has also allowed banks to defer interest on working capital loans for the next three months.

Taking to Twitter, Javdekar said, ".@narendramodi government's historical decisions in succession. Three months moratorium on repayment of #EMI will help all home buyers, vehicle buyers and other customers. #IndiaFightsCorona #StayHomeStaySafe #RBIActs."

"Steps announced by #RBI will reduce interest burden on businesses/industries and will boost economic activities," the minister, who holds multiple portfolios including Information and Broadcasting," said in another tweet.

RBI Governor Shaktikanta Das said about Rs 3.74 lakh crore liquidity on aggregate basis will be infused into the financial system to deal with the COVID-19 pandemic.