RBI Governor Shaktikanta Das addresses the media via livestream from Mumbai 
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RBI Governor Shaktikanta Das addresses the media via livestream from Mumbai Prime Minister Narendra Modi, on Friday, praised the Reserve Bank of India (RBI) for taking measures to cushion the impact of coronavirus on the economy. The prime minister tweeted, "RBI has taken giant steps to safeguard our economy from the impact of the Coronavirus. The announcements will improve liquidity, reduce cost of funds, help middle class and businesses".
Today @RBI has taken giant steps to safeguard our economy from the impact of the Coronavirus. The announcements will improve liquidity, reduce cost of funds, help middle class and businesses. https://t.co/pgYOUBQtNl
Narendra Modi (@narendramodi) March 27, 2020
Also read: How RBI's Rs 3.74 lakh crore stimulus will impact financial markets
The Bharatiya Janata Party (BJP) President JP Nadda also took to Twitter to appreciate the central bank for taking measures amid the crisis. Nadda said that RBI has taken many important decisions to give support and stability to the Indian economy.Nadda wrote on Twitter, "RBI has slashed down Repo rate, Reverse Repo rate and Cash Reverse ratio to give strength to the economy. To help the middle class RBI has given moratorium of 3 months and also waving off interest. I welcome these progressive and timely measures".
RBI has slashed down Repo rate, Reverse Repo rate and Cash Reverse ratio to give strength to economy. To help the middle class RBI has given moratorium of 3 months and also waving off interest. I welcome these progressive and timely measures. #IndiaFightsCorona
Jagat Prakash Nadda (@JPNadda) March 27, 2020
Finance Minister Nirmala Sitharaman acknowledged RBI Governor Shaktikanta Das's efforts to bring economic stability in the country. Sitharaman, in her tweet, stated that RBI's announcement to provide 3-month moratorium on payments of term loan instalments (EMI) and interest on working capital will give much-desired relief. The FM also said, "Slashed interest rate needs quick transmission".
Also welcome @RBI governor @DasShaktikantas statement: The macro economic fundamentals of the Indian economy are sound, and in fact stronger than what they were in the aftermath of the global financial crisis of 2008-09. And his timely reminder to #StayCleanStaySafeGoDigital.
Nirmala Sitharaman (@nsitharaman) March 27, 2020
Also read: Banks free to defer payment of EMIs by 3 months! RBI gives huge loan relief
On Thursday, RBI Governor Shaktikanta Das injected Rs 3.74 lakh crore liquidity into the system through various measures. The central bank announced a massive 75 basis points cut in repo rates and slashed reverse repo rate by 90 basis points to 4 per cent.
Also read: RBI announces liquidity boost of Rs 3.74 lakh crore amid coronavirus outbreak
Besides, RBI also reduced cash reserve ratio (CRR) of all banks by 100 basis points to 3 per cent from 4 per cent. Among others, the RBI announced "three-months moratorium on term loans; deferring interest payments on working capital; easing of working capital financing; deferment of implementation of the net stable funding ratio".
(Edited by: Mansi Jaswal)
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