RBI Governor Shaktikanta Das Press Conference Live Updates: RBI Governor Shaktikanta Das is addressing the media by RBI during the lockdown.
Governor Shaktikanta Das is addressing the media in the second such address by RBI during the lockdown.
And announced additional measures to boost the economy towards recovery.
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- “Loans given by NBFCs to real estate companies to get similar benefit as given by scheduled commercial banks,” says RBI Governor.
- A special Rs 50,000 crore refinance facility for Nabard (25,000 crore), Sidbi (15,000 crore) and NHB (10,000 crore).
- LCR requirement of banks brought down to 80% from 100%.
- “Economic activity came to standstill during the lockdown,” said RBI Governor Shaktikanta Das.
- RBI Governor says, “90-day NPA norm not to apply on moratorium granted on existing loans by banks.
- “Banks not to make any dividend payout in view of financial difficulties arising from Covid-19,” announces RBI.
- To reduce the fixed reverse repo rate under liquidity adjustment facility (LAF) by 25 basis points from 4% to 3.75%, with immediate effect: RBI Governor Shaktikanta Das.
- RBI governor announces Rs 50,000 crore booster package for small and medium-sized industries to recover business from the lockdown.
- NBFCs may get some attention from the RBI today after the Ministry of Home Affairs (MHA) eased restrictions.
Other highlights of the RBI Governor address to the media:
- RBI to announce new additional measures to maintain adequate liquidity in system, bank credit flow, ease financial stress: RBI Governor.
- “IMF Economic Counsellor has named it ‘The Great lockdown‘ estimating cumulative loss to global GDP over 2020-21 at around 9 trillion US dollars, which is greater than the economies of Japan & Germany combined,” says RBI Governor Shaktikanta Das.
- “India’s foreign exchange reserves continue to remain Strong and healthy,” says Shaktikanta Das.
- On April 14, IMF released its global growth projections revealing that in 2020, the global economy is expected to falling into the worst recession since ‘The Great Depression’: RBI Governor Shaktikanta Das.
- The government is considering cash relief for migrant workers and economically weaker to boost demand as manufacturing curbs.
- The government is expected to announce a financial relief package for workers, MSMEs, service sector and other industries.