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Friday, June 7, 2024

RBI governor Shaktikanta Das address to media and speak about economy output

RBI Governor’s Address LIVE: Reserve Bank Governor Shaktikanta Das commenced his address by reciting Mahatma Gandhi, saying: ‘In the midst of death life persists, in the midst of untruth, truth persists, in the midst of darkness light persists.’ Appreciating to all the CORONA warriors, He told that  RBI was doing whatever it could do to steepen the curve, even as he said India was one of the few countries that would cling on to some kind of growth.

This is the second time that the Governor address the media since the across the country lockdown was forced from March 25.

The rupee fell 0.55 percent to another record low of 76.86 against the US dollar on Thursday, while the value lists have been on a see-found in the wake of the coronavirus flare-up losing more than 30 percent since January.

Meanwhile, Finance Minister Nirmala Sitharaman is additionally expected to declare a fiscal stimulus package to reestablish the economy today.

The Reserve Bank of India (RBI) has tweeted a link to the text Governor Shaktikanta Das’ statement

The announcements covered few key points:

Reserve Bank of India (RBI) Governor Shaktikanta Das, in a press conference on April 17 announced a number of additional measures to help the economy fight the challenges brought on by the COVID-19 pandemic. 

  • Reactions to RBI announcements | Once accounts do not slip into NPA, bankers will be willing to lend to them. Seems like our wishes would have been granted today if we asked for something bigger from God: Sunil Mehta, CEO – Indian Banks Association (IBA) told CNBC-TV18.
  • Reactions to RBI announcements | For now, it is sufficient. I’m not sure if it’s substantial. Need clarity on banks’ lending to NBFCs and MFIs’ eligibility for a moratorium: HR Khan, former Deputy Governor of RBI said.

    RBI announces additional measures to fight slowdown; key highlights from the presser
  • The Reserve Bank of India (RBI) Governor Shaktikanta Das announced additional measures, including reducing reverse repo rate, to support the economy hit by COVID-19 on April 17. Here are the key takeaways from the central bank’s address to the media

“The LCR requirement will be gradually restored back in two phases; 90 percent by October 1, 2020 and 100 percent by April 1, 2021”

  • Reactions to RBI announcements | The announcements by the RBI are very positive. Can always go back to RBI if required. That’s the message today. We believe more measures will come in that will help credit growth. The loan growth will definitely pick up: Raj Kiran Rai, MD & CEO – Union Bank
  • Reactions to RBI announcements | “The RBI governor is walking a tightrope. The government has done what was within its capacity: Former chief statistician Pronab Sen
  • Reactions to RBI announcements | Will wait for circular. Seems like there is relief at the headline level. It seems like there is relief on the older accounts as well: Sundaram Finance

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