“The health emergency and the impact of the same on the economy, particularly on the common man, is unprecedented. At the same time, our economy has been facing downturn for some time now.  In spite of a not-so-robust fiscal situation, the measures announced by the FM yesterday and by the RBI today, are indeed bold and explicitly reflect Govt’s resolve to face the health & the economic crises head-on, with special focus  on the distress of the common man. Large repo rate cut of 75 basis points announced by RBI, with accommodative stance, will certainly help in boosting the lending scenario ultimately empowering the common man. The moratorium for banks and NBFCs on term loan instalments and interest on working capital for up to 3 months will also provide some relief as many individuals, especially self-employed ones, are facing income loss due to the ongoing lockdown. Various measures to nudge banks to lend and to inject liquidity into the system, will help in passing the benefit to the potential borrowers – the people with small businesses, self-employed and so on, in dire situation right now, with everything shut-down. We stand united amidst the current extraordinary circumstances and will continue to focus on supporting our customers – the common man -to help fulfil their financial needs.”