© IE Online Media Services Pvt Ltd
Tags:
Journalism of Courage
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.
Follow coronavirus news LIVE updates here
* 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
