RBI Governor addressed the nation today at 10 AM and declared some of the steps taken to handle Covid 19 economic fallout

▴ RBI Governor Mr Shaktikanta
Pointers from RBI announcement today

Today RBI Governor Mr Shaktikanta Das addressed the nation at 10 AM.The main pointers of the session were as written below

-RBI is keeping a constant vigil , use all its resources to deal with pandemic , says RBI Governor Shaktikanta Das.

-Loans given by NBFCs to real estate companies to get similar benefit as given by scheduled commercial banks, says RBI Governor.

-LCR  brought down to 80% from 100%;  RBI Governor.

-Inflation is going southwards, could go down efurther

-Banks not supposed to pay any dividend payments until further orders

-NPA classification for banks will exclude the moratorium period

- ₹50,000 crore special finance facility to be provided to financial institutions such as Nabard, Sidbi, NHB

-There would be no change in repo rate 

-Reverse repo rate cut by 25 bps to 3.75%.

-TLTRO 2.0 operations of ₹50,000 crore will be conducted

-Covid-19 impact is not captured in IIP data for Feb

-IMF projection of 1.9% GDP growth for India 

-Rupee rises 29 paise to 76.58 against US dollar after the announcement

-Sensex rose over 1,000 points before RBI's announcement.

Tags : #RBI #ShaktikantaDas #RepoRate

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