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90-day NPA norm to exclude lockdown days, Rs 50,000 crore for NABARD: Here’s what RBI announced today

Reverse Repo Rate 2020: Governor Shaktikanta Das said the central bank is monitoring situation developing out of COVID-19 outbreak as he announced a string of relief measures for the stressed banking and financial sector.

By: Express Web Desk | New Delhi |
Updated: April 17, 2020 1:04:15 pm
reverse repo rate, reverse repo rate 2020, reverse repo rate in india, reverse repo rate in india, rbi reverse repo rate, rbi reverse repo rate 2020, reverse repo rate 2020 in india, rbi reverse repo rate, rbi reverse repo rate 2020, reverse repo rate today, reverse repo rate today 2020 RBI Governor Shaktikanta Das. (Express file photo)

In a slew of measures to boost the economy amid the coronavirus pandemic and subsequent 40-day lockdown, the Reserve Bank of India (RBI) Friday reduced the reverse repo rate by 25 basis points, from 4 per cent to 3.75 per cent, to encourage banks to invest. The policy rate remains unchanged.

Governor, Shaktikanta Das, said the central bank is monitoring situation developing out of COVID-19 outbreak as he announced a string of relief measures for the stressed banking and financial sector.

“The International Monetary Fund (IMF) has projected the Indian GDP at 7.4% in 2020-21,” he told reporters in the 35-minute briefing.

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Here is a look at some of the key points that the RBI head made today:

* India sharp turnaround, IMF projects Indian GDP at 7.4% in 2021-22

* West Bengal, Telangana, Odisha, Assam, Chhattisgarh leading in sowing despite lockdown

* Forex reserves robust at $476.5 billion on April 10 (11.8 months of imports)

* ATMs at 81% of capacity

* IMF projection of 1.9% GDP growth for India is highest in G20

* India is expected to post sharp turnround in 2021-22

* Impact of Covid-19 not captured in IIP data for February

* Automobile production, sales declined sharply in March; electricity demand has fallen sharply

* Contraction in exports in March at 34.6% much more severe than global financial crisis of 2008-09

* Surplus liquidity in banking system has increased substantially as result of central bank actions

* No downtime of internet or mobile banking during lockdown; banking operations normal

* RBI liquidity injection at 3.2% of GDP from February 6 till March 27

* LTRO-2.0 to involve Rs 50,000 crore to begin with

* Rs 50,000 crore special finance facility to be provided to financial institutions such as Nabard, Sidbi, NHB

* Repo rate remains unchanged

* RBI cuts reverse repo rate from 4% to 3.75%

* 90-day NPA norm not to apply on moratorium granted on existing loans by banks

* Banks not to make any further dividend payout in view of financial difficulties arising from Covid-19

* Liquidity Coverage Ratio requirement of banks brought down to 80% from 100%; to be restored in phases by April next year

* CPI inflation declined in March; inflation is on a declining trajectory

* Loans given by NBFCs to real estate companies to get similar benefit as given by scheduled commercial banks

* WMA for states increased by 60% over and above the level as on March 30

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