- RBI Governor Shaktikanta Das (Reserve Bank of India GOVERNOR SHAKTIKANT DAS) termed Corona the worst economic and health crisis of the last 100 years
- Recovery is visible in Indian Economy
- Repo rate will be still lower
- NEW DELHI: The seventh SBI Banking and Economics during a video conference from the SBI to Rajneesh Kumar Conclave rbi the governor Shaktikanta Das (Reserve Bank Of India GOVERNOR SHAKTIKANT DAS ) by the worst economic and health crises tied for the last 100 years, the corona. He said that coronaviruses ( COVID-19 ) have not only reduced the current economic system, labor and capital movements around the world, but also directly impacted production negatively.Indian economy is coming back on track
With this, RBI GOVERNOR said that “With the removal of Corona Lockdown, the signs of Indian economy returning to normalcy have started showing.” However, the RBI’s policy steps have to carefully assess what the crisis takes. “Praising the industry, he said that” Indian companies and industries did better in the Corona crisis. There is a need for a statutory empowered structural system to deal with property trapped under pressure. - Also Read: 25% increase in price of cable and screen guard from mobile charger, know the reason behind it
Although he also acknowledged the increase in NPA due to coronavirus, he said that development is our first priority, financial stability is equally important. The RBI has strengthened its offsite monitoring mechanism to identify emerging risks.
Steps taken by RBI – Since February 2019, the Reserve Bank has reduced the total repo rate by about 135 basis points. This was done primarily to deal with the decline in growth. In addition, the Monetary Policy has decided to cut the repo rate by up to 115 basis points by the Reserve Bank of India. In this way, the total reduction in the repo rate from February 2019 to the coming time will be 250 basis points.
