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RBI Press Conference | Highlights

Reserve Bank of India (RBI) governor Shaktikanta Das is holding a press conference as market mayhem continues due to concerns coronavirus (Covid-19) pandemic. RBI Governor Press Conference LIVE: Shaktikanta Das speaks on Yes Bank:

India TV Business Desk Edited by: India TV Business Desk Mumbai Updated on: March 16, 2020 17:06 IST
RBI press conference at 4 pm amid Covid-19 panic; major

RBI press conference at 4 pm amid Covid-19 panic; major announcement expected

Reserve Bank of India (RBI) governor Shaktikanta Das is holding a press conference as market mayhem continues due to coronavirus (Covid-19) pandemic concerns. The Reserve Bank of India governor Shaktikanta Das has announced two-step mechanism to fight the global effects of COVID-19 but he stops short from announcing any rate cut. Das, however, did not rule out the future possibility of a rate cut. RBI has several policy instruments at its disposal, the governor said.

Big announcements from RBI governor Shaktikanta Das Press Conference

- Yes Bank revival plan is final

- Yes Bank customers need not worry or withdraw their money from the savings account

- Yes Bank moratorium lifts on Wednesday (March 18, from 6 PM)

- Indian Banking System is sound and safe. Private Sector banks are important and are in good shape, says RBI governor.

- A large number of depositors in Yes Bank have been loyal. Big names of banking sectors are participating in revival of Yes Bank, Das said

- RBI will provide liquidity if required 

RBI Governor Shaktikanta Das on COVID-19 outbreak and economy fallout

- India is not immune to COVID-19 outbreak

- COVID-19 would impact economic activity in India through many sectors e.g. electronics, drugs, pharmacists

- Impact of COVID-19 will come later but global sectors like tourism, airlines, hospitality and other sectors are feeling the heat of the pandemic

- If Coronavirus persists longer then the economy will further suffer

- Domestic liquidity is stable

- Another US Dollar sell-buy swap on cards 

- RBI will conduct further LTRO 

- RBI governor said banks should focus on digital payments

 

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