Today's RBI measures will boost sentiments of a common Indian and also signals are very strong that the government is not leaving any stone unturned to fight this epidemic on the financial front. - Vikas Jain, CEO of Labdhi Lifestyle

Full marks to the RBI Governor for these commendable and decisive steps. While the stock market erased its gains post the policy announcement, I would imagine that expectations were already built-in, over the past 3 days; and I would view the slide as profit booking and not a negative reaction to the measures announced. - Amar Ambani, Senior President and Head of Research, YES Securities

The realty sector might continue to face a lean period as people will wait before coming out and look for properties to buy/invest. However, other businesses and the working class would majorly benefit from these initiatives and be able to get the economy back in shape once this pandemic is behind us. - Hakim Lakdawala, Group Promoter, Goodwill Developers.

The large increase in liquidity, substantially through monetisation, can pose a potential threat to economic stability in the medium term unless the capacity utilisation expands fast when the normalcy returns. - M Govinda Rao, Chief Economic Advisor, Brickwork Ratings

Announcements and measures are timely but one needs to be very careful about how the situation unfolds in the coming days. Regulatory forbearance has to be temporary and must be closely monitored to prevent an increase in NPAs. - M Govinda Rao, Chief Economic Advisor, Brickwork Ratings

While existing home loan customers will definitely benefit and the rate cut will come as a sigh of relief as banks pass on the benefits, new customers and projects won’t be able to profit due to the uncertainty and surrounding lockdown. We expect relief to the industry if Banks and NBFC's choose to pass on the benefits in entirety or partly to the end consumers. - Rahul Grover-CEO, SECCPL

RBI's measures does not only save the urban middle class, industrial borrowers at large but also help the banks (scheduled and cooperative) and NBFCs which are already dealing with the stress of rising NPAs. And that, in turn, would reflect into their stock prices too. In short, it’s a win-win situation for all. - Gurpreet Sidana, Chief Operating Officer, Religare Broking

The current outbreak of coronavirus which has triggered lockdown across the entire nation has led to market expectations of further cut in repo rates. These could in-turn support credit growth and revive the downturn in the economy contingent upon transmission in policy rate cut by scheduled commercial banks and demand for bank loans by various industries. - Care Ratings

There has been a cumulative repo rate cut of 110 bps in FY20 but the lending rates of scheduled commercial bankshave fallen by a lower quantum. Since, February’19, the repo rate cut has aggregated 135 bps. -  Care Ratings

In such uncertain times instead of fresh funds entities want to save their skin, RBI's relaxation of only 3 months instead of 6 months for a moratorium on interest on loans and working capital has disappointed many. No doubt, RBI is playing every card in its pocket to prevent a crisis like situation by giving banks the ability to lend more but as such no direct helping hand has been given to ailing industries as of now. - Jimeet Modi, Founder & CEO, Samco Securities

In the crucial time where the Indian economy is battling the exponential contagion, fresh liquidity pumped in the system will certainly help to mitigate the stressed cash flow and debt pressure in the economic system. The RBI has rightly packaged the relief measures by amplifying all the best instruments to act as an economic troubleshooter, salvaging Indian economic slump amidst world recession. - Niranjan Hiranandani, President- Assocham and NAREDCO

It is important for immediate transmission of these rate cuts to the home buyer which will boost consumer sentiment. The state governments should also take necessary steps to utilise the cumulative INR 31,000 crore funds for the welfare of building & construction labourers to help those who are severely impacted by the economic disruption on the back of the lockdown.- Ramesh Nair, CEO & Country Head of JLL India

The central bank’s willingness to use all the instruments at its disposal to mitigate the impact of a global pandemic on the functioning and the stability of the Indian economy and the financial sector. - Ramesh Nair, CEO & Country Head of JLL India

Fiscal measures such as the deferring working capital interest, reduction of CRR for all banks by 100 basis points, amongst other measures, should address liquidity challenges faced by NBFCs and banks. The decision to defer installments of all term loans by three months will provide the necessary support to homebuyers as well. -Anshuman Magazine, Chairman & CEO - India, South East Asia, Middle East & Africa.

We expect yields to lower significantly across the curve (more in the short to medium tenor) and contraction in spreads. The measures will ease the recent near freeze in the credit markets. - Suvodeep Rakshit, Vice President & Sr. Economist, Kotak Institutional Equities

The measures also ease the financial burdens of the sector at risk(such as transport, hotel, restaurants, MSMEs, tourism, textiles, etc. as well as retail borrowers) from the Covid-19 impact. While the adverse implications of demand and supply contraction on the real economy remain, the RBI’s decisions will help in easing any resultant financial dislocations as well as keep the funding channels working. - Suvodeep Rakshit, Vice President & Sr. Economist, Kotak Institutional Equities

Steps announced by RBI will reduce the interest burden on businesses/industries and will boost economic activities. - Cabinet Minister Prakash Javadekar

PM Narendra Modi: RBI has taken giant steps to safeguard our economy from the impact of the Coronavirus. The announcements will improve liquidity, reduce the cost of funds, help middle class and businesses.

To a great extent, these measures will minimize the hardships of the economy that is reeling under stress due to Covid- 19. We foresee the real estate sector as well to benefit from these measures including relief to debtors and a boost in consumer and investor sentiment in the sector.” - Sandeep Agarwal, CFO, Pioneer Urban Land and Infrastructure Ltd.

RBI's decision will be crucial to the functioning of businesses in the wake of the Covid-19 pandemic. We expect the demand to pick up gradually across sectors including the real estate followed by a revival in consumer sentiment. - Ravish Kapoor, Managing Director, Elan Group

The revised repo rate of 4.40% will benefit a large segment of business and taxpayers along with an expected infusion of liquidity to the tune of Rs 2.8 lakh crore via various instruments which will be equal to 1.4 percent of GDP. -  Farshid Cooper, MD, Spenta Corporation

Financials will get breathing space as far as recovery and NPA recognition is concerned. It could elevate sentiments temporarily but the main impact will be visible post the lifting of lockdown. In the interim softer yields could benefit investors in Gsec/other debt papers (including Banks) to book some MTM gains. - Dhiraj Relli, MD & CEO, HDFC Securities

Overall MPC gave more than what was expected and assured to resort to more measures if the situation worsens. The impact of these measures on economic growth could take some time to fructify. - Dhiraj Relli, MD & CEO, HDFC Securities

Massive liquidity infusion (~3.2% of GDP after pandemic outbreak) via CRR rate cut of 100bps, MSF, especially targeted LTROs for onward lending to corporates would ease the elevated yields. Relief to the borrowers by way of a moratorium on term loans for 3 months, deferment of interest payment on working capital loans is a big positive. - Dhiraj Relli, MD & CEO, HDFC Securities

In a much-awaited move, RBI has come up with measures to expand liquidity as also ease banking regulations; has cut rates as also announced moratorium of three months of EMIs on all outstanding loans. Stakeholders in the Indian economy will heave a sigh of relief, as these moves reflect measures to take on the economic crisis caused by the COVID-19 pandemic. As the RBI Governor pointed out, these moves will enhance liquidity and ensure smooth functioning of financial institutions, while the EMI moratorium will ensure no impact on credit ratings on loan repayments. The volume of measures carried out by the apex bank to infuse liquidity amounting to Rs 3.75 lakh crores back in the system is robust and applauded to uplift market sentiments. This fiscal relief package in addition to the FM’s Rs 1.7lakh crore relief package ensures that the government is vigilant to retrieve nation out of economic pain and safeguard job loss.

Regardless of the measures announced now by the RBI, we are lowering our base case scenario for GDP growth to -4.5% for Q1 FY2021 and to 2.0% for FY2021, in light of the rapidly growing uncertainties over the duration of the impact of the coronavirus on economic activity in India and the rest of the world. - Aditi Nayar, Principal Economist, ICRA 

The combination of moratoriums, liquidity enhancing measures and the sharper-than-hoped-for repo rate cut will help to assuage the markets in these increasingly unsettled times and offer some protection against widespread defaults, even though the actual impact on boosting economic activity may be limited. - Aditi Nayar, Principal Economist, ICRA

The MPC has come with really big measures including rate cuts, CRR cut, Floating rate long-term repos for investment-grade corporate bonds and CPs, forbearance on loans in terms of moratoriums and deferral of interest payments, capital conservation buffer deferment by 6 months, Offshore NDF market relaxations. This seems to be a comprehensive package and very necessary at this stage when growth will be under pressure. - Sudhakar Shanbhag, Chief Investment Officer, Kotak Mahindra Life Insurance Company Ltd.

The repo rate, reverse repo rate & CRR cuts will help improve liquidity. The moratorium on interest & deferment of working capital is much-needed oxygen for the gasping industry - FICCI President Sangita Reddy.

The rate cut was on expected lines and the additional measures to expand liquidity should help stabilize the market and ease the current tight financial conditions. The three-month moratorium on all loans from lending institutions also should alleviate near term cash flow concerns for borrowers. Overall, it is a positive for fixed income investors. - Arun Kumar, Head of Research at FundsIndia.com

RBI, very correctly so, announced a comprehensive bazooka covering all aspects of the economy by taking measures system-wide both through liquidity, rates and regulatory forbearance (retail as well as for industry) and also targeted measures to manage the corporate bond markets. The measures should help in tiding through the end of the year issues which many banks/institutions were fearing and will go a long way in cushioning the dislocations in various markets. We expect additional scope for 40-50bps of rate cut with any further easing and extension of measures depending on the nature of the spread of COVID-19. - Upasna Bhardwaj, Sr. Economist, Kotak Mahindra Bank.

RBI, very correctly so, announced a comprehensive bazooka covering all aspects of the economy by taking measures system-wide both through liquidity, rates and regulatory forbearance (retail as well as for industry) and also targeted measures to manage the corporate bond markets. The measures should help in tiding through the end of the year issues which many banks/institutions were fearing and will go a long way in cushioning the dislocations in various markets. We expect additional scope for 40-50bps of rate cut with any further easing and extension of measures depending on the nature of spread of COVID-19.

The relief given on the repayments in term loans is indeed a very timely action and would serve to remove a lot of stress which a large number of borrowers may face in the coming days. This is a direct and targeted approach to the fluid situation in the face of an uncertain inflation and growth trajectory. This scaffolds the positive impact of the fiscal measures and strengthens our response to the adverse economic impact of the pandemic. - Joseph Thomas, Head of Research - Emkay Wealth Management

The comprehensive announcements made by the RBI prior to the scheduled policy review are a welcome step, in light of the degenerating economic and credit conditions. The combination of moratoriums, liquidity enhancing measures and the sharper-than-hoped-for repo rate cut will help to assuage the markets in these increasingly unsettled times, and offer some protection against widespread defaults, even though the actual impact on boosting economic activity may be limited.Regardless of the measures announced now by the RBI, we are lowering our base case scenario for GDP growth to -4.5% for Q1 FY2021 and to 2.0% for FY2021, in light of the rapidly growing uncertainties over the duration of the impact of the coronavirus on economic activity in India and the rest of the world. 

We are delighted with the Reverse Bank’s announcements which have far exceeded the expectations of the industry. The apex bank has checked all the required boxes of the rate cut, liquidity infusion and moratorium. These steps will help the economy to stay stable despite the lockdown and economic disruption. We are hopeful that these measures will be complemented by further fiscal stimulus measures by the Central and State Governments to support demand in the economy. We welcome these measures by RBI and see this as a big relief for the economy in general and for the real estate sector which would have been one of the worst affected owing to its linkages with the overall economy. - Shishir Baijal, Chairman & Managing Director, Knight Frank India

The announcement of the moratorium measures was on expected lines and really appropriate in the current context of economic lockdown. The 3-month moratorium on all term loan installments along with deferment of interest on working capital for 3 months without any downward revision in the asset categorization for almost every lending institution in the country including banks and NBFCs will address the short term delinquency concerns in retail, MSME or corporate loans. This will also be a significant relief for the NBFC and the MFI sector whose operations are likely to be very severely impacted in this lockdown period. The flexibility provided to banks to redefine and recalculate drawing power based on margin adjustments will also help in providing additional working capital facilities in the current scenario. - Suman Chowdhury, President – Ratings, Acuité Ratings & Research Limited 

This would not necessarily promote growth but avert a collapse, so a big positive to boost sentiments - Sujan Hajra, Chief Economist and Executive Director, Anand Rathi Shares & Stock Brokers

Today’s announcement infused some assurance in the mind of the panicked citizens that the economy will revive back in the short run and the banking sector is safe and sound. The reverse repo rate cut by 90 bps helps keep a balance of liquidity amongst banks which largely acts as a reassurance factor to the borrowers. Major announcements like the moratorium of three – months by banks and lending institutions, the accessibility and opportunity of deferred interest on working capital and a total liquidity injection of Rs 3,74 lakh crore to the system will help prevent financial stress on the borrowers. - Ashok Mohanani, Chairman EKTA World and Vice President NAREDCO Maharashtra.

The RBI has surpassed expectations by delivering more than what the market anticipated, and its promise to 'do whatever it takes' has come good. The steps to ease working capital pain, reduce liquidity costs and provide a moratorium on term loans will alleviate stress across various sectors. We continue to see rates dropping to 3.50% by August 2020.- Rahul Bajoria, Chief India Economist, Barclays