RBI governor Shaktikanta Das to hold press conference today
The Reserve Bank of India’s (RBI) governor, Shaktikanta Das, will hold a press conference on Friday, the central bank said in a tweet.
“Watch out for RBI Governor @DasShaktikanta live address at 10:00 am today (May 22, 2020),” it tweeted early on Friday.
The address comes ahead of the meeting of RBI’s monetary policy committee between June 3-5 and RBI. The committee is likely to announce its second bi-monthly policy of 2020-21 on June 5.
The coronavirus pandemic and the lockdown had forced RBI to advance its first bi-monthly policy announcement by a week to March 27.
The central bank has announced several steps to ease the pressure faced by borrowers, lenders and other entities including mutual funds and has promised to take more initiatives to deal with the developing situation.
RBI has injected funds amounting to 3.2% of GDP into the economy since the February 2020 monetary policy meeting to tackle the liquidity situation.
It had on March 27 slashed the benchmark interest rate by a massive 75 basis points and also announced a three-month moratorium to be given by banks to provide relief to borrowers whose income has been hit due to the lockdown.
Earlier this month, Shaktikanta Das held a meeting with heads of both public and private sector banks to take stock of the economic situation and review the implementation of various measures announced by the central bank.
Das’s address comes after the government unveiled a Rs 20 lakh crore package, announced by Union finance minister Nirmala Sitharaman in five tranches last week, to cushion the economy reeling under the impact of the coronavirus pandemic and the ensuing lockdown.
The Union cabinet headed by Prime Minister Narendra Modi on Wednesday gave its nod for many of the schemes announced as part of Atmanirbhar Bharat Abhiyan package to prop up the economy.