: RBI's announcement will benefit common people: CAIT #FinanceIndia #StockMarketNEWS RBI's announcement will benefit common people: CAIT New Delhi, Mar 28 (KNN) Hailing the Reserve Bank of Indias

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RBI's announcement will benefit common people: CAIT #FinanceIndia #StockMarketNEWS
RBI's announcement will benefit common people: CAIT New Delhi, Mar 28 (KNN) Hailing the Reserve Bank of Indias (RBI) announcement to tackle the current economic situation amid COVID-19 outbreak, the Confederation of All India Traders (CAIT) said that these announcements would not only benefit traders but also common people of the country.

The measures will give relief to the people from great burden of financial liabilities for the present, the trader body said.

CAIT National President BC Bhartia and Secretary General Praveen Khandelwal said that keeping aside inflation, the apex bank has taken major steps to strengthen the economy which will provide great relief in this present crisis.

This step of the Central Government is another major step in the chain of giving concessions to various sections amid circumstances created due to COVID-19, they said.

The RBI has taken a big and bold step. Indias Debt to FDP ratio is very low as compared to other Countries. RBI has infused massive liquidity in the market which is nearly 3.2 per cent of GDP. Now, it is the turn of Banks to demonstrate bold and strong leadership. The Banks should go ahead for liberal lending, CAIT said in a statement.

The Banks will have to compete with NBFCs in lending. There may be some cases of financial strictness but lending should be viewed liberally for economic upliftment. At this crucial juncture pumping of liquidity in the market is all the more necessary, CAIT added.

Both trade leaders said that with the reduction of CRR, the interest rates will be reduced.

Banks will have lot of money and they will be able to increase the liquidity of money. Accordingly, the Banks should be prepared to give loans to more and more people, and the said money will rotate in the market and increase liquidity in the market, it said.