Reserve Bank Of India Governor Shaktikanta Das in his address to media has made some important announcements. RBI had earlier also addressed the media and announced the cut of repo rate by 75 basis points which was a 15 year low of 4.40% and also announced to cut the cash reserve ratio ( CRR) by 100 bps to 3%. This press conference is important as it will decide the fate of the Indian Economy and will help us to understand the current position of the Indian economy. Let’s take a look at some of the important measures and announcement made by the RBI Governor.
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RBI Governor Shaktikanta Das LIVE Updates:
- RBI Governor Shaktikanta Das said that RBI will monitor evolving situation continuously and will use all its tool to deal with pandemic fallout.
- The Loans given by NBFCs to real estate companies will get similar benefit as given by any scheduled commercial banks.
- RBI has also decided to brought down the LCR requirement of banks to 80% from 100% which will be restored in phases by April next year.
- RBI Governor says that Inflation is on a declining trajectory and it could recede even further.
- Banks are ordered to not make any dividend payments until further orders.
- Banks will exclude the moratorium period for NPA classification.
- During lockdown all the Economic activities have come to a standstill.
- NABARD, SIDBI, NHB will be given ₹50,000 crore special finance facility.
- Monetary policy Committee has decided to keep the repo rate unchanged but Reverse repo rate cut by 25 bps to 3.75%.
- RBI is taking new measures that are aimed at maintaining adequate liquidity in system, facilitate bank credit flow, ease financial stress.
- RBI has also announced to conduct TLTRO 2.0 operations of ₹50,000 crore.
- RBI is taking additional measures to maintain adequate liquidity in the system.
- RBI has announced to moderate the Redemption pressures faced by some mutual funds.
- As per the records of RBI- Automobile production and sales has declined sharply in March. Electricity demand has also fallen sharply.
- In IIP data for Feb Covid-19 impact is not captured.
- There is no downtime on internet and mobile banking.ATM operations stood at 91%.
- RBI Governpr quoting IMF Projection says that India is expected to post sharp turnaround in 2021-22.
- As per the IMF projection, India’s growth of 1.9% GDP growth is highest in G20.
- During outbreak of pandemic Banks, financial institutions have risen to occasion to ensure normal functioning.
- RBI governor also cites developments that bode well for rural demand.
- As per the records, Financial market situation has deteriorated in some areas during this pandemic.
- In early trade, Rupee rises 29 paise to 76.58 against US dollar.
- Before RBI’s announcement, Sensex rose over 1,000 points.
- RBI Governor says “The mission is to do whatever it takes during the Covid pandemic”
- RBI announced to increase the WMA limits by 60 per cent, to plan their market borrowings better. The facility will be available till September 30.
- More than Global Financial Crisis, Contraction in exports at 34% has turned out to be much worse- says RBI Governor Shaktikanta Das.