The repo rate was reduced cumulatively by 115 bps (between March and May 2020) and CRR was reduced by 1 percentage point on March 27, 2020, for one year to ease immediate liquidity constraints. To further augment systemic liquidity long-term repo operations (LTROs) and targeted long-term repo operations (TLTROs) were undertaken.
A calibrated set of regulatory measures were also announced to provide relief from the pandemic. These measures included moratorium on term loans for six months, deferment of interest on working capital facilities sanctioned in the form of cash credit/ overdraft, easing of working capital financing, etc.