RBI Governor Shaktikanta Das is addressing the media as the country is in a third day of pan-India lockdown to curb the spread of the coronavirus pandemic. Prime Minister Narendra Modi on Tuesday announced a three-week nationwide lockdown which will have a huge detrimental impact on businesses.
Here are highlights of what the RBI Governor said:
- RBI cuts repo rate to 4.4% from 5.15% after unscheduled Monetary Policy Committee meet
- Monetary Policy Committee met from March 24 to March 27: RBI Governor Shaktikanta Das
- The intensity, spread and duration of the Coronavirus will determine the state of the global economy. The government has taken good measures and we must ensure we do all we can to win this battle against the COronavirus, the RBI Governor said.
- RBI has cut the reverse repo rate by 90 basis points to 4%
- The central bank has cut the liquidity adjustment facility (LAF) by 90 bps to 4%
- Reserve Bank has reduced the cash reserve ratio of all banks by 100 basis points.
- Total liquidity measures taken amount to Rs 3,74,000 crore
- RBI has infused 2.7 lakh crore into the system since last February policy: RBI chief Shaktikanta Das
- Indian banks are safe and there is no need to resort to panic withdrawals: RBI Governor Shaktikanta Das