write 5 important news related to measures taken by Indian government to deal with downfall of economy and give brief description of each news in your own words
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CHEAPER CASH: A series of steps announced this year aim to encourage banks to lend.
— Banks don’t need to set aside cash reserves for loans given to small businesses between Jan. 31 to July 31, or for credit to help consumers buy a car or home (announced Feb. 6)
— Policy lending rate -- the repurchase rate -- cut by 75 basis points in a single move this year. However, the effective deposit rate has been slashed by 115 basis points to discourage lenders from playing safe and parking the cash with the RBI (March 27 and April 17)
— Cash Reserve Ratio reduced to 3% from 4% (March 27)
— Liquidity Coverage Ratio lowered to 80% from 100% (will be restored to 90% by Oct. 1 and 100% by April 1, 2021)
LOAN FREEZE: RBI Governor Shaktikanta Das has stopped the clock on loan repayments amid an unprecedented three-week lockdown announced by Prime Minister Narendra Modi
— All lenders can freeze repayments for three months on term loans outstanding March 1
— Lenders allowed to suspend interest payments on working capital facilities for three months; accumulated interest can be paid later and the loans won’t be in default
— The steps add to previous measures which allow a one-off restructuring of loans to small businesses that were in default as of Jan. 1
— Loans to commercial property projects that are delayed for reasons beyond the control of the developer are allowed to be treated as standard for another year
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