NEW DELHI : In his third such address since the coronavirus-induced lockdown began on March 25, Reserve Bank of India (RBI) Governor Shaktikanta Das is now holding a press conference. After the lockdown began, Das had slashed the benchmark interest rate (repo rate) by a massive 75 basis points and also announced a three-month moratorium to be given by banks to provide relief to borrowers whose income has been hit due to the lockdown.
Finance Minister Nirmala Sitharaman, who recently announced the ₹20 lakh crore economic package in five tranches, will also hold a review meeting with CEOs of public sector banks (PSBs) today to discuss various issues, including loan disbursement, as part of efforts to revive the economy reeling under the COVID-19 impact.
RBI Governor Shaktikanta Das press conference live updates:-RBI will continue to be vigilant and will take whatever measures are needed to be taken due to the Covid pandemic: Das
-Loan moratorium extended by another 3 months till August 31.
-Government 10-year bond yields slumped 15 basis points after the repo rate cut.
-India’s foreign exchange reserves have increased by 9.2 billion during 2020-21 from 1st April onwards. So far, up to 15th May, foreign exchange reserves stand at 487 billion USD.
-India seeing collapse of demand; electricity, dip in petroleum product consumption; fall in private consumption: Shaktikanta Das
-Govt revenues have been impacted severely due to slowdown in economic activity amid COVID-19 outbreak: Das
-We are trying to be proactive: Das
-Impact of coronavirus turning out to be more than expected