Reserve Bank of India (RBI) Governor Shaktikanta Das cut the repo rate by 40 basis points to 4% and also extended moratorium on all term loans by another 3 months. After the lockdown began, Das had slashed the benchmark interest rate (repo rate) by a massive 75 basis points and also announced a three-month moratorium to be given by banks to provide relief to borrowers whose income has been hit due to the lockdown. The loan moratorium has now been extended till August 31 for 6 months.