RBI Governor on COVID-19 Stimulus: RBI Governor Shaktikant Das (RBI Governor Shaktikant Das) press conference amid the second wave of Corona. He said that the second wave of Corona has affected the economy on a large scale.
New Delhi. In the second wave of Corona virus infection, RBI Governor ShaktiKant Das announced several major steps of the press conference. In this press conference (RBI Press Conference), he said that the economy has been affected in a big way due to the second wave of Corona. The RBI is keeping an eye on the conditions related to this. Big steps are needed against the second wave.
Shaktikanta Das said in a media address-
The economy began to show recovery after the first wave of Corona, but the second wave has once again created a crisis.
The government is accelerating vaccination. He further said that there are signs of recovery in the global economy. Talking about India, the Indian economy also seems to be recovering from the pressure.
Lockdown and other restrictions have been imposed in several states to prevent the second wave of the Covid-19 pandemic, which is likely to hurt the economy. However, the RBI is keeping its eye on the situation.
A good monsoon further increases the demand for rural demand.
Slowing is also seen in manufacturing units.
The tractor segment seems to be on the upswing, though there is a decrease in auto registrations in April.
KYC approval for opening bank account.
RBI Governor Shaktikanta Das has announced a set of financial measures to help the common man, small businesses and micro-finance institutions amid the second wave of COVID-19.
The Reserve Bank has also announced on tap liquidity. RBI has opened a window of Rs 50,000 crore for 3 years till 31 March 2022.
RBI announced Restructuring Resolution Framework 2.0 for SMEs with exposures of up to Rs 25 crore.
RBI has approved one time restructuring for Individuals, MSMEs. For this, the bank has kept the deadline till 30 September 2021.
MFIs with assets up to Rs 500 crore will be included in the priority sector lending.
Small finance banks can give loans to a small microfinance institution with a size of Rs 500 crore.
For small finance banks, SLTRO will provide loan of Rs 10,000 crore for 3 years. There will be a limit of 10 lakhs per Borrower for these. They will get term facility till 31 March 2022.
The Reserve Bank has also approved to extend the loan moratorium period by 2 years.
50,000 crore for health service
RBI gave Rs 50,000 crore for emergency health service. The RBI governor said that Rs 50,000 crore will be allocated for emergency health services. Under this, banks will give loans to vaccine manufacturers, importers, oxygen suppliers, producers of Kovid medicines, hospitals, pathology labs etc. This facility will remain till 31 March 2022. He said that this loan will be at repo rate i.e. very economical interest rate. Significantly, the repo rate is only 4 percent. Let us know that hospitals, health service providers will benefit from this.
KYC approved for opening bank account
Governor Shaktikanta Das said in his address that in the current situation some changes have been made in the rules of KYC. Under this, KYC has been approved through video. KYC has been approved through video. He also said that relief has also been given in the Overdraft Facility for the states. RBI has increased the overdraft of the states from 36 days to 50 days. RBI gave relief to banks
The RBI governor has given big relief to retail and small businessmen. Along with this, some other concessions have also been made. Shaktikanta Das said that loans and incentives will be given soon for the priority sector. Apart from this, banks will also make Kovid Bank loans. The Reserve Bank has also announced on tap liquidity. RBI has opened a window of Rs 50,000 crore for 3 years till 31 March 2022.
RBI said that banks are being encouraged to give loans fast in weak areas. Banks can create a COVID loan book in their balance sheet and keep the money equal to the COVID book with RBI at 40 bps from the reverse repo rate. The Reserve Bank has announced that the second phase of the purchase of Rs 35000 crore government securities (GSAP) will be started on May 20.
Let us know that the outbreak of the second wave of Corona is increasing. More than 3.50 lakh new cases of corona are coming in the country every day. At the same time, more than 3400 people have died from corona in the last 24 hours. Meanwhile, at 10 am today, Reserve Bank of India (RBI) Governor Shaktikanta Das is addressing the media. This morning, the information has been tweeted by the RBI.
Address by Shri Shaktikanta Das, RBI Governor
https://t.co/rBtDp1xwHb— ReserveBankOfIndia (@RBI) May 5, 2021
Prime Minister Modi had told the lockdown the last option
Prime Minister Narendra Modi has so far termed the lockdown as the last option to stop the spread of the dangerous virus .. Earlier this week, President of Confederation of Indian Industry and Chief Executive of Kotak Mahindra Bank Officer (CEO) Uday Kotak had urged the government to consider reducing economic activity to break the chain of corona virus transmission.
