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Agencies

The Reserve Bank of India has extended the loan moratorium by another three months in light of the extended state of lockdown in the country. The extension was announced by RBI governor Shaktikanta Das on Friday. The RBI Governor also announced the slashing of the repo rate by 40bps.

The RBI will use all its instruments and fashion new ones to meet COVID-related challenges, RBI governor Shaktikanta Das reiterated.

"Industrial production shrank by close to 17 percent in March with manufacturing activity down by 21 percent. The output of core industries contracted by 6.5 percent," the governor added.