Some of the representations made at that time were to: • Extend the moratorium beyond August 31, 2020; • Waive off interest/ interest on interest during the moratorium period; • Permit moratorium for all accounts, instead of being at the discretion of the lenders; • Restructure all impacted accounts unconditionally; • Include all Standard accounts for resolution under the frameworks besides NPA accounts and not just the accounts overdue for less than 30 days; • Customise the framework to address sector-specific issues such as real estate, hospitality, other contact intensive sectors, etc;  4  • Modify Kamath Committee recommendations relating to financial parameters as they were perceived to be onerous and impractical to achieve.
The most recent decision of the MPC appeared to surprise domestic money markets somewhat, as they had come to discount a 25 basis points rate cut in the wake of the July move. We prefer not to surprise markets. In fact, we see policy transparency and consistency as crucial in ensuring an effective transmission of rate decisions to the economy.