7 key takeaways from RBI Governor Shaktikanta Das speech today

Normal monsoon forecast to help contain food price inflation as the production is expected to meet the demand in coming times.Premium
Normal monsoon forecast to help contain food price inflation as the production is expected to meet the demand in coming times.
 1 min read . Updated: 05 May 2021, 11:46 AM IST Staff Writer

Keeping an eye on all sections of the Indian economy amid second wave of Covid-19, the Reserve Bank of India (RBI) Governor Shaktikanta Das today expressed full confidence in Indian resilience against the deadly pandemic. To strengthen all stake holders in the India's fight against Corona, the RBI Governor announced various measures to equip public in general, Indian banks, industries and other stake holders.

Here are the key takeaways from the RBI Governor Shaktikanta Das speech today:

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1] On tap liquidity of ₹50,000 for public in general is one of the major announcements made by the RBI Governor. The loan will be available till 31st March 2022 and the tenor of the loan will be three years. In this liquidity support, RBI has allowed banks to maintain a Covid Loan Book.

2] Normal monsoon forecast to help contain food price inflation as the production is expected to meet the demand in coming times.

3] ₹50,000 crore priority lending by banks for hospitals, oxygen suppliers, vaccine importers, Covid drugs by March 31, 2022.

4] Opening of the 2nd window to individual, small borrowers having up to ₹25 crore loans for restructuring loans if not availed earlier.

5] Rationalisation of KYC compliance norms enabling video-based KYC for certain categories.

6] Ease in rules for availing overdraft facility for state governments up to September 30, 2021.

7] ₹10,000 crore allocation for small finance banks under SLTRO.

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