New Delhi, Business Desk. RBI Governor Shaktikanta Das held a press conference on Friday to deal with the severe economic crisis that has arisen on the economy from Corona. During this he made many big announcements. The central bank reduced the reverse repo rate from 4 per cent to 3.75 per cent and retained the repo rate. The Governor said that India's growth rate is still expected to be positive amidst the forecast of global recession and according to the IMF it will be 1.9 percent. RBI announced relief for NABARD, SIDBI and National Housing Bank. Assistance of 50000 crores was announced to NABARD, SIDBI and National Housing Bank. NABARD will get Rs 25,000 crore under Special Refinance.
RBI will infuse Rs 50,000 crore into the system through LTRO. The governor said that ATMs are operating with 91 percent capacity. Apart from this, there is no problem in mobile and netbanking in lockdown. The RBI announced new steps to maintain liquidity in the system. New proposals for bank credit flow exemption were considered. Let us know that there has been a rapid increase in liquidity after 27 March.
Das said that the global economy could go into a huge recession. He said the macroeconomic situation declined after March 27. The governor expected India's GDP growth rate to be 1.9 percent. Significantly, the services PMI declined in March. The export situation in March 2020 has been much worse. He said that despite the lockdown, the sowing situation in the agriculture sector has been better. Therefore, there is hope for better demand from rural areas than the forecast of normal monsoon.
According to the RBI governor, the forex reserve is currently 476.5 billion which is sufficient. On behalf of the central bank, Shaktikanta Das said that every effort is being made to stop the Corona crisis. The RBI is closely watching the situation in Corona. He said that liquidity management and financial supervision are ready. The RBI said that India's GDP growth is expected to be the best in the G20 economy.
What is a reverse repo?
This is in sharp contrast to the repo rate. The reverse repo rate is the rate at which banks receive interest on the money deposited by them in the RBI. Reverse repo rates are used to control the liquidity of cash in markets. Whenever there is too much cash in the market, RBI increases the reverse repo rate and when there is a shortage of cash, it reduces it so that liquidity is not reduced.
Corona Update: 17,415 new cases were found on the last day, and 29 died; More than a thousand new cases in Delhi after 1 month
Every day reshuffle is going on in the corona cases in the country. On the last day i.e. on Wednesday, 17,415 new cases of corona have been found in the country, while 29 people have died. At the same
Refusal to increase the age of marriage of girls to 21 years: Supreme Court said- it is the work of the Parliament to decide, we alone are not the guardians of the Constitution
The Supreme Court on Monday dismissed advocate Ashwini Upadhyay's plea seeking equal age of marriage for boys and girls. The petition was listed for hearing before a bench of CJI DY Chandrachud,
Russia Ukraine War: The International Atomic Energy Agency cut off contact with the Chernobyl Nuclear Plant between Russia and Ukraine War
Today is the 14th day of the war between Russia and Ukraine. Russia has ordered a ceasefire in Ukraine for Wednesday. It will start at 10 a.m. Moscow time on Wednesday. Meanwhile, The Coca-Cola
Industry: Worst performance of Indian industry, industrial production down to 26-month low
The country's industrial production declined by 4 percent in October due to the weak performance of the mining and energy sectors along with a contraction in manufacturing output. This has been the
Nitin Gadkari said, our Kashmir is many times better than Switzerland, if there is tourism then no one will be poor
Union Road Transport and Highways Minister Nitin Gadkari said in Lok Sabha that the Srinagar-Jammu road will have a connection to connect with the upcoming Katra-Amritsar-Delhi road, allowing seamless
Semicon India: 'Indian economy performed better than expectations'; PM Modi inaugurates Semicon India
Prime Minister Narendra Modi inaugurated Semicon India-2025 at Yashobhoomi in New Delhi. It is India's largest semiconductor and electronics show. Prime Minister Narendra Modi said that the Indian
Heavy rains and landslides cause heavy damage to Jammu and Himachal. Thousands of trucks carrying fruits and vegetables are stranded due to the closure of the highway
This time the monsoon is raining like a havoc. From the mountains to the plains, the rain has disrupted life. Traffic has come to a standstill. The Meteorological Department also says that the period
Peru: 800-year-old 'girlfriend' in the bag of a 26-year-old man, this case of Peru surprised everyone
You were surprised, weren't you? But something similar has happened in Peru. Here an 800-year-old mummy has been recovered from the bag of a 26-year-old food delivery boy. Seeing the mummy as a
Afghanistan: Afghan women started the women's revolution in Kabul, raising the issue of the violation of fundamental human rights
A group of Afghan women has announced the launch of Afghanistan's Women's Revolution in Kabul for fundamental human and women's rights in the country. According to Donya Safi, one of the organizers,
These are the best smartphones with fast-charging batteries in India on low budget, know their features and price
While smartphone batteries are essential, their ability to charge quickly is also important. Fast-charging phones are common today. You can get a phone with fast-charging technology for as low as Rs
