Covid-19 is the worst health and economic crisis in the last 100 years. This has resulted in unprecedented negative results for production, jobs, and welfare. It gave impetus to the current world order, global value chains, labor, and capital movements around the world. RBI Governor Shaktikanta Das said this at the 7th SBI Banking and Economics Conference on Saturday.
In the Banking and Economics Conclave, he said that the epidemic is perhaps by far the greatest test of the strength and resilience of our economic and financial system. He said that RBI has taken several big measures to protect the financial system, support the economy in the current crisis. The top priority for RBI is development. At the same time, financial stability is equally important. The RBI has strengthened its offsite surveillance mechanism to identify emerging threats. He said that RBI is in talks with all stakeholders to resolve the problem of Punjab and Maharashtra Co-operative (PMC) Bank.
Shaktikanta Das also said that implementing the RBI policy for the medium term would require careful evaluation, depending on how the crisis unfolds in the coming years. The RBI governor states that the coronavirus epidemic will result in higher NPAs and capital erosion. Raising capital, preparing buffers are important for ensuring credit flow and strengthening the financial system. The Indian economy has started showing signs of easing back to normalcy after easing of sanctions. Indian companies and industries did better in times of crisis.
Before the Covid-19 crisis, the Reserve Bank had cut the repo rate by 1.35 percent. He said that these steps were taken to deal with the slowdown in economic growth at that time. RBI Governor Shaktikanta Das said that to tackle the Covid-19 crisis, RBI has cut the repo rate by 1.15 percent. In this way, from February 2019 till now, the RBI has cut the repo rate by 2.50 percent.
Explain that in the last 24 hours a record 27 thousand 114 corona have been infected in the country and with this, the total number of infected has increased to 8 lakh 20 thousand 916. During this period 519 people died and the number of dead has increased to 22 thousand 123. So far 5 lakh 15 thousand 386 patients have defeated Corona. 19870 people have recovered in the last 24 hours. There has been an increase of 6 thousand 725 inactive cases. There are now a total of 283407 active cases in the country.
The hijab controversy has once again started heating up in Karnataka. Some students of Mangaluru
Once again strong tremors of earthquake were felt in Turkey. Its intensity was measured at 6.3 on
India-Pakistan: 'Stay out of our internal matter', India slams OIC Secretary General's visit to PoK
India has strongly objected to the visit of Organization of Islamic Cooperation (OIC) Secretary G
After retiring, will Dhoni prevail in the brand world?
Mahendra Singh Dhoni, a famous cricketer who recently retired from international cricket, managed
Corona is constantly wreaking havoc on the country. What is common and what is taking everyone fa
Pakistan government is fast snatching independence of the country's minorities, worsened conditions
The situation of religious freedom in Washington, Pakistan is deteriorating rapidly. The governme
Congress has fixed the date for the election of its president. This matter was discussed in the C
Ajinkya Rahane out of IPL 2022, difficult to return to England tour - Report
Ajinkya Rahane Ruled out IPL 2022: By the end of IPL 2022, Kolkata Knight Riders have suffered an
The central government, which has gone against the order of the Karnataka High Court on the issue
Today is the 27th day of the Russia-Ukraine war. According to Komsomoliska Pravda, a supporter of
