Reserve Bank of India (RBI) Governor Shaktikanta Das addresses the nation at 10 a.m. today, the official RBI Twitter account said. “Watch out for the speech of the RBI governor,” he said, without giving further details.
Das’ address to the nation comes days after his series of meetings with bankers and heads of non-bank financial companies regarding the current stress on the economy in preparation for the second wave of the Covid-19 pandemic.
Check out all the latest updates on the RBI Governor’s Speech on the BusinessToday.In live blog
10:43 am: RBI says it’s ready to go unconventional
- Small financing banks will be able to lend to small MFIs with an asset size of Rs 500 until March 31.
- The RBI has increased the maximum duration of exceedance to 50 days from 36 currently.
10:30 am: The counter-cyclical provisioning buffer held by banks from December 2020 can be used to build up specific APM provisions after the approvals of the bank’s board of directors.
10:24 am: For MSMEs, borrowers up to Rs 25 crore, which had not been considered for restructuring earlier, will be considered until September 31, according to Das.
10:22 am: The RBI allows banks to build a portfolio of Covid loans. Patients can now get loans from banks for Covid care.
10:20 am: The RBI will conduct a 3-year long-term repo operation valued at Rs 10,000 crore. The on-lending of SFB to MFIs will be classified in the “priority sector” category, and the limit of the SFB program has been set at Rs 10 lakh per borrower.
10:15 am: IMD’s forecast of a normal monsoon is expected to support rural demand and overall production in 2021-2022, while also having a calming impact on inflationary pressures, according to Das
10:14 am: The RBI will step up health infrastructure linked to COVID by opening a source liquidity window of Rs 50,000 crore with a term of up to three years at the pension rate until March 31, 2022, said the governor of the RBI.
10:12 am: RBI has decided that G-SEC’s second purchase for Rs 35,000 crore under G-SAP 1.0 will be made on May 20, Das said
10:11 am: The devastating speed with which the virus affects must be offset by swift, far-reaching actions that are sequenced, calibrated and well timed in order to reach various sections, including the most vulnerable: RBI Governor
10:10 am: Das says the RBI will continue to monitor the emerging COVID-19 situation and deploy all resources and instruments at its disposal, especially for citizens, businesses and institutions besieged by the second wave.
10:09 am: Rail freight grew over 76% year-on-year in April. Toll collections in April suggest that mobility has declined, but in contrast to a screeching halt in April 2020. Auto registrations in April 2021 showed moderation compared to March. Tractor segment continues at strong pace, says Das
10:08 am: The RBI governor said the measures must be “broad and timely” as the second wave of Covid-19 continues to hit India.
10:05 am: RBI will continue to monitor emerging situation and use all resources, Das said
10:04 am: The global economic outlook is highly uncertain and clouded by downside risks: Das