Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said that the RBI is doing everything to fight the epidemiological challenge that the world is facing. "India's growth rate is expected to be highest among G20 nations, as per IMF estimates," said RBI governor.
RBI Governor Shaktikanta Das addressed a press briefing today. This was his second briefing since the COVID-19 outbreak. In his previous address on March 27, Das announced several relief measures approved by its Monetary Policy Committee (MPC) to counter the economic slowdown.
Reserve Bank of India governor Shaktikanta Das on Friday made a series of big announcements to de-stress the impact from a 21-days long nationwide lockdown. Here's the complete statement by RBI Chief:
A day after Finance Minister announced Rs 1.7 trillion economic package for country, the Reserve Bank of India governor Shaktikanta Das announced bold measures cut lending rates by slashing repo rate and reverse repo rate by massive 70 bps and 90 bps respectively. He also announced a 3-month moratorium on loans.
RBI Governor Shaktikanta Das addressed a press conference on Friday. The RBI chief's address comes a day after the central government announced a coronavirus relief package of worth Rs 1.7 lakh crore.
RBI Governor Shaktikanta Das on Saturday said that the transmission of rate cuts is slowly and steadily improving and it is expected to improve further.
In the reporting week, the rise in reserves was mainly on account of an increase in foreign currency assets, a major component of the overall reserves, which rose by USD 2.642 million to USD 419.367 billion, according to the data.
In a recent paper which came under heavy criticism from the Economic Advisory Council to the Prime Minister, former Chief Economic Adviser Arvind Subramanian had used 17 high-frequency indicators that correlate with the GDP to suggest that India significantly over-estimated its GDP figures from 2011-12 onwards.
He also pointed out that consultations with stakeholders have become fundamental to the central bank's functioning in view of the complexity of modern day decision-making, adding he would meet the heads of the Mumbai-based state-run banks on Thursday as part of this process.
Upset over being denied rating upgrade, India today lashed out at global rating agencies and said that they are far detached from ground realities.
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