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
