It was indeed a good policy by RBI.

Extension of moratorium and converting the interest into term loans which essentially increases the payback cycle hence working capital , swap facility for exim banks , extension of import payments and increasing the exporters length of credit to 15 months from one year are steps in the right direction and eases the liquidity situation with export and import companies. 

Rate cut and reverse repo rate cuts are moves in the right direction but risk aversion by banks is still there. Some restructuring of the loans news would have been a step in the right direction which the market was awaiting. Broadly it may be better for companies but banks may get hit in short term.  

Overall the bonds rallied with yield on old 10y benchmark falling 15bps in a knee jerk reaction. Rupee moves are fairly muted since we have huge selling interest by nationalized banks, likely on behalf of RBI at 75.85 levels. 

Of course the equities and banks initial reaction is negative. More clarity on OMO Calendar, clearer GDP forecast are strongly awaited by the market.

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