Reserve Bank of India (RBI) Governor Shaktikanta Das is in conversation with State Bank of India chairman Rajnish Kumar at the 7th SBI Banking & Economics Conclave through a video call. The event comes at a time when the government has eased a slew of restrictions imposed in March to curb the spread of the coronavirus pandemic, which has pushed an already-slowing economy into a standstill. Many economists have warned of a recession this year due to the damage caused by the COVID-19 disease.
Here are highlights:
- COVID-19 worst health and economic crisis in last 100 years
- RBI has taken number of important historic measures to protect financial system
- Policy measures have worked so far
- Would like to highlight key aspects of key measures already taken:
- Monetary policy measures: RBI already had "accumulative" stance before onset of COVID-19
- Since February 2019, RBI has cut rate by 250 basis points (2.5 percentage points)
- Both conventional and unconventional liquidity measures were taken to boost market confidence, ease liquidity stress
- Economic growth topmost priority for RBI
- Equal priority has to be given to aspect of financial stability
- Timely and successful rescue of Yes Bank is example of RBI's efforts to ensure financial stability
Watch out for Keynote Address by RBI Governor @DasShaktikanta in the 7th SBI Banking & Economics Conclave today at 10:30 am #rbitoday#rbigovernor
ReserveBankOfIndia (@RBI) July 11, 2020
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