RBI Latest Updates: Reverse Repo Rate slashed, NPA, GDP Growth and other Details

RBI Governor Shaktikanta Das LIVE Updates:

• RBI Governor Shaktikanta Das said that RBI will monitor evolving situation continuously and will use all its tool to deal with pandemic fallout.
• The Loans given by NBFCs to real estate companies  will get similar benefit as given by any scheduled commercial banks.
• RBI has also decided to brought down the LCR requirement of banks to 80% from 100% which will be restored in phases by April next year.
• RBI Governor says that Inflation is on a declining trajectory and it could recede even further.
• Banks are ordered to  not make any dividend payments until further orders.
• Banks will exclude the moratorium period for NPA classification.
• During lockdown all the Economic activities have come to a standstill.
• NABARD, SIDBI, NHB will be given ₹50,000 crore special finance facility.
• Monetary policy Committee has decided to keep the  repo rate unchanged but Reverse repo rate cut by 25 bps to 3.75%.
• RBI is taking new measures that are aimed at maintaining adequate liquidity in system, facilitate bank credit flow, ease financial stress.
• RBI has also announced to conduct TLTRO 2.0 operations of ₹50,000 crore.
• RBI is taking additional measures to maintain adequate liquidity in the system.
• RBI has announced to moderate the Redemption pressures faced by some mutual funds.
• As per the records of RBI- Automobile production and  sales has declined sharply in March. Electricity demand has also fallen sharply.
• In IIP data for Feb Covid-19 impact is not captured.
• There is no downtime on internet and mobile banking.ATM operations stood at 91%.
• RBI Governpr quoting IMF Projection says that India is expected to post sharp turnaround in 2021-22.
• As per the IMF projection, India’s growth  of 1.9% GDP growth is highest in G20.
• During outbreak of pandemic Banks, financial institutions have risen to occasion to ensure normal functioning.
• RBI governor also cites developments that bode well for rural demand.
• As per the records, Financial market situation has deteriorated in some areas during this pandemic.
• In early trade, Rupee rises 29 paise to 76.58 against US dollar.
• Before RBI’s announcement, Sensex rose over 1,000 points.
• RBI Governor says “The mission is to do whatever it takes during the Covid pandemic”
• RBI announced to increase the  WMA limits by 60 per cent, to plan their market borrowings better. The facility will be available till September 30.
• More than Global Financial Crisis, Contraction in exports at 34% has turned out to be much worse- says RBI Governor Shaktikanta Das.

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