A sudden press conference was held on Wednesday by Reserve Bank of India (RBI) Governor Shaktikanta Das to give relief to the economy amid the second wave of Kovid-19 (COVID-19) transition. In the press conference, the RBI governor said that the economy is in recovery mode, but the second wave of Corona may raise concerns in the economy. He said, RBI is monitoring the situation in Corona. Let’s know what the RBI governor made a big announcement in the press conference.
Highlights of the press conference-
>> The economy started recovering but now the situation has changed and is facing the latest crisis.
>> RBI is constantly monitoring the situation arising out of increase in Kovid-19 cases, all resources are being used.
>> RBI will make another purchase of Rs 35,000 crore on May 20 under the Government Securities Procurement Program (G-SAP 1.0) to increase the flow of financial resources in the economy.
>> Banks will give Rs 50,000 crore colon by March 31, 2022 to hospitals, oxygen suppliers, vaccine importers, Kovid medicines.
>> RBI gave individual, small borrowers with loans up to Rs 25 crore a second chance to restructure the loan, if they did not avail this facility in the first place.
>> RBI announced rationalization of KYC compliance norms, providing video-based KYC for certain categories.
>> The state governments relaxed the rules to avail the overdraft facility till 30 September.
>> Proper management of resources has to be done to fight the virus.
>> Food and fuel inflation has increased inflation, although the forecast of normal monsoon is expected to help in food inflation.
>> Banks will create COVID Loan Book. Kovid loan books will be created for the priority sector. Banks will make COVID Loan Book for these ..
>> RBI announced long-term repo operations for small finance banks (SFBs) up to Rs 10,000 crore. It will be used for loans up to 10 lakh rupees per borrower.
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