RBI had slashed the benchmark repo rate by 75 basis points to 4.40% from 5.15% last month
Financial markets have been volatile during the lockdown and the rupee has touched an all-time low of 76.87.
NEW DELHI : Reserve Bank of India (RBI) Governor Shaktikanta Das is now addressing the media. In his second such address since the nationwide lockdown began from March 25, Das is expected to make some important announcements. RBI has not disclosed the agenda of his address to the media.
The RBI had earlier cut the repo rate by a record 75 basis points to a 15-year-low of 4.40% and cut the cash reserve ratio (CRR) by 100 bps to 3%. The central bank had also announced various others measures like LTRO to boost liquidity in the system.
RBI Governor Shaktikanta Das LIVE Updates:
-Banks shall not make any dividends payments until further orders
-NPA classification for banks will exclude the moratorium period: Das
-Economic activities have come to a standstill during lockdown: Das
- ₹50,000 crore special finance facility to be provided to financial institutions such as Nabard, Sidbi, NHB: RBI Governor.
-Reverse repo rate cut by 25 bps to 3.75%.
-New measures aimed at maintaining adequate liquidity in system, facilitate bank credit flow, ease financial stress: RBI
-TLTRO 2.0 operations of ₹50,000 crore will be conducted: RBI
-To maintain adequate liquidity in the system, we have decided to take additional measures: RBI
-Redemption pressures faced by some mutual funds have moderated: RBI
-Automobile production, sales declined sharply in March; electricity demand has fallen sharply: RBI Governor
-Covid-19 impact is not captured in IIP data for Feb: Das
-ATM operations stood at 91%, no downtime on internet and mobile banking: RBI
-India is expected to post sharp turnaround in 2021-22, says RBI Governor quoting IMF projection.
-IMF projection of 1.9% GDP growth for India is highest in G20, says RBI Governor Shaktikanta Das
-Banks, financial institutions have risen to occasion to ensure normal functioning during outbreak of pandemic: RBI Governor
-RBI governor cites developments that bode well for rural demand.
-RBI has been monitoring the situation closely: Das
-Financial market situation has deteriorated in some areas: Das
-Rupee rises 29 paise to 76.58 against US dollar in early trade.
-Sensex rose over 1,000 points before RBI's announcement.
-The mission is to do whatever it takes during the Covid pandemic: Das
-Das begins speech.
-RBI Governor Shaktikanta Das's address will begin at 10 am
RBI announces ₹50,000 crore TLTRO 2.0 for NBFCs, MFIs
The RBI is open to increasing this amount beyond ₹50,000 crore, the governor said
Last month, the RBI had announced special targeted long term repos operations (TLTRO) operations to ease liquidity conditions in the financial system
Reserve Bank of India governor Shaktikanta Das today announced TLTRO 2.0 of ₹50,000 crore to ensure that different segments of financial markets such as A non-banking financial companies (NBFCs) and microfinance institutions (MFIs) to get enough liquidity. The RBI is open to increasing this amount beyond ₹50,000 crore, the governor said.
At least 50% of amount must go to mid and small sized NBFCs and MFIs, the RBI chief said.
Last month, the RBI had announced special targeted long term repos operations (TLTRO) operations to ease liquidity conditions. Under this, RBI will be conducting auctions of targeted term repos of up to three years tenor for a total of up to ₹1 lakh crore at a floating rate linked to the policy repo rate.
Liquidity availed under the scheme by banks has to be deployed in investment grade corporate bonds, commercial paper, and non-convertible debentures over and above the outstanding level of their investments in these bonds as on March 27.
RBI said banks have to buy 50% of these incremental holdings from primary market issuances and the rest from the secondary market, including from mutual funds and non-banking finance companies.
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