Zarin Daruwala, CEO, India, Standard Chartered Bank, said, “The bold steps initiated by the Monetary Policy Committee should help financial markets tide over the current situation. The 100 bps Cash Reserve Ratio (CRR) cut along with the 75bps repo rate cut and additional liquidity under marginal standing facility (MSF), will free up precious term liquidity to augment the government’s fiscal efforts. The 3 year targeted long term repo operations (TLTRO) will decongest credit channels and lower the cost of credit, providing much needed relief to corporates. The moratorium on loan EMIs, term loans and working capital facilities, is expected to provide relief to retail and corporate customers during these uncertain and challenging times.”