RBI will continue to monitor Covid-19 situation: Shaktikanta Das' top 10 quotes

In an unscheduled address, Shaktikanta Das announced several measures to counter the emerging financial challenges due to the second wave of the coronavirus disease (Covid-19).

Published on: May 5, 2021, 11:15:01 IST

By hindustantimes.com | Written by Susmita Pakrasi, Hindustan Times, New Delhi

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Reserve Bank of India (RBI) governor Shaktikanta Das on Wednesday said the central bank will continue to monitor the emerging Covid-19 crisis situation in the country. "The situation has altered drastically in the last few weeks. New mutant strains have emerged, causing a severe strain on health infrastructure. The health crisis is still unfolding. India has mounted a valiant defence. Shoring up livelihoods and restoring normalcy in education, workplace is necessary. The RBI will continue to monitor the situation and deploy all recourses available," Das added.

Shaktikanta Das said "situation has reversed from being on foothills of strong economic recovery to facing a fresh crisis". (HT_PRINT)

In an unscheduled address, Das announced several measures to counter the emerging financial challenges due to the second wave of the coronavirus disease (Covid-19).

Here are the top 10 quotes from the RBI governor's speech:

On-tap liquidity of ₹50,000 crore at repo rate is being opened till March 31, 2022. Under this, banks can support vaccine manufacturers, medical facilities, hospitals and also patients.
Banks have been allowed to create a separate Covid loan book which will meet the needs of emergency funding.
Shaktikanta Das said "situation has reversed from being on foothills of strong economic recovery to facing a fresh crisis".
The RBI announced loan resolution framework 2.0 for small businesses MSMEs and individuals.
The RBI announced rationalisation of KYC compliance norms and provided video-based KYC for certain categories.
Shaktikanta Das said that small finance banks have been allowed to lend smaller microfinance institutions of asset size up to ₹500 crore. This facility will be available till March 31, 2022.
A second purchase of government securities for a collective amount of ₹35,000 crore under G-SAP 1.0 will be conducted on May 20 this year.
The RBI permitted limited KYC to be used till December 1, 2021.
In view of the Covid-19 crisis, Das said the immediate objective is to save lives. 'Our faith should be like an ever burning lamp which not only gives us light but also illuminates the surroundings,' Das quoted Mahatma Gandhi.

10.The RBI governor said that normal monsoon forecast will help contain food price inflation.

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