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ICICI Direct Report
The Reserve Bank of India maintained the repo rate at 4.0%, reverse repo rate at 3.35% and marginal standing facility (MSF) at 4.25%.
RBI kept the policy stance unchanged at ‘accommodative', to focus on revival of growth and mitigate the impact of Covid-19 on the economy.
The development statements on restructuring of corporates/micro small and medium enterprise and personal loans to assist as enablers to prevent asset quality stress in the near term.
However, we believe these restructured assets will remain as an overhang for the next year or two till the economy revives. Retail loan restructuring comes as a positive surprise. With restructuring announced, moratorium extension is largely ruled out.
Gold loan - loan to value ratio (LTV) has been raised from 75-90% for banks bode well in the current environment.
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