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RBI Governor LIVE: RBI Governor Shaktikanta Das today said that the 2nd wave of COVID-19 in India has drastically altered the economic situation. Das added that RBI will continue to monitor emerging situation use all resources. India had flattened inflation curve but situation altered. He also added that the quarantine facility of the RBI continues to operate with more than 200 officers working away from their homes. The RBI has so far decided to keep rates unchanged at 4 per cent and has maintained its accommodative stance. RBI Governor, during the last MPC meet, earlier in April had said that the second wave of coronavirus is the single biggest challenge to India’s economic recovery.
RBI Governor Shaktikanta Das said that borrowers up to Rs 25 crore, who have not taken restructuring earlier and were standard as of March 2021, will be considered for restructuring till September 30, 2021
RBI has reopened one-time restructuring for individuals, MSMEs. Borrowers will be permitted one-time restructuring till September 30, 2021. Under the restructuring 1.0, the period of moratorium can be extended up to a total of 2 year
Banks will have COVID loan book and will earn 40 basis points more under Reverse repo
SFBs will be allowed to on-lend to smaller microfinance institutions of asset size up to Rs 500 crore
RBI announced targeted long-term repo operation for small finance banks (SFBs) of up to Rs 10,000 crore. This will be used for lending of up to Rs 10 lakh per borrower.
On-tap liquidity window of Rs 50,000 crore with tenure of up to 3 years at repo rate being opened till March 31, 2022
The forecast of a normal monsoon by IMD is expected to sustain rural demand and overall output in 2021-22
Shaktikanta Das said that the second purchase of G-SEC for Rs 35,000 crore under G-SAP 1.0 will be conducted on May 20, 2021
CPI inflation remains benign for major advanced economies. High WPI inflation shows consistent pressure from input side.
RBI Guv said that global outlook is highly uncertain, with downside risks. He also said that dent to aggregate demand will be limited given only localised lockdowns and better adoption of work-from-home regime.
The quarantine facility of the RBI continues to operate with more than 200 officers working away from their homes.
Shaktikanta Das said that RBI will continue to monitor emerging situation use all resources. India had flattened inflation curve but situation altered
RBI Governor Shaktikanta Das said that economic situation has altered drastically due to Covid 2nd wave.
RBI Governor Shaktikanta Das has started briefing media
India’s overwhelming surge of coronavirus infections has revealed complacency after last year’s first wave, as well as a “lack of foresight, a lack of leadership,” according to Raghuram Rajan, former governor of the country’s central bank. “If you were careful, if you were cautious, you had to recognize that it wasn’t done yet,” Rajan said Tuesday in a Bloomberg Television interview with Kathleen Hays.