RBI Governor Shaktikanta Das announces a slew of measures amid coronavirus scare
Rajan Nath
April 17th 2020 10:55 AM
The RBI Governor Shaktikanta Das on Friday addressed media on the relief and recovery roadmap amid Coronavirus scare. He said that "Today humanity is facing the trial of its time, as coronavirus has gripped the world with its deadly embrace. In this kind of environment, the Reserve Bank of India (RBI) has been very proactive and monitoring the situation closely."
Here are some of the measures announced by RBI Governor Shaktikanta Das:
- 3.2 percent of the GDP injected into the economy.
- Automobile production, sales declined sharply in March while electricity demand has fallen sharply.
- Contraction in exports in March is at 34.6 percent much more severe than global financial crisis of 2008-09. However, amidst all this, the level of Forex Exchange Reserves which we have continue to be robust.
- RBI to announce new measures to maintain adequate liquidity in system and to facilitate bank credit flow, ease financial stress.
- It has been decided to reduce the fixed reverse repo rate under liquidity adjustment facility (LAF) by 25 basis points from 4 percent to 3.75 percent, with immediate effect.
- 21.3% growth has been witnessed in tractor sales.
- Banks have risen to the occasion, the projections are in sharp decline.
- The economic situation has deteriorated.
- We're likely to expect 7.4 percent growth in 2021-22.
- ATMs are operating at 91 percent capacity.
- 50 Lakh crore to help small and mid-sized firms.
- Special refinance package for Small Industries Development Bank of India (SIDBI) and National Bank for Agriculture and Rural Development (NABARD).
- Repo rate remains unchanged.
- Liquidity Coverage Ratio (LCR) requirement of SCBs is being brought down from 100% to 80%.