RBI Governor Shaktikanta Das: ?50,000 crore LTRO announced, banks can’t pay dividends

Reserve bank of India

NEW DELHI : As India entered into the second phase of a nationwide lockdown to combat coronavirus, Reserve Bank of India (RBI) Governor Shaktikanta Das today announced new measures to boost liquidity, expand bank credit flow and ease financial stress. To benefit NBFCs and micro-financial institutions, the central bank said it will conduct targetted long-term repo operations (TLTRO) 2.0 worth ?50,000 crore initially.

RBI Governor Shaktikanta Das press briefing:

-RBI will monitor evolving situation continuously, use all its tool to deal with pandemic fallout, says RBI Governor Shaktikanta Das.

-Loans given by NBFCs to real estate companies to get similar benefit as given by scheduled commercial banks, says RBI Governor.

-LCR requirement of banks brought down to 80% from 100%; to be restored in phases by April next year: RBI Governor.

-Inflation is on a declining trajectory, could recede even further: Das

-Banks shall not make any dividend payments until further orders: Das

-NPA classification for banks will exclude the moratorium period: Das

-Economic activities have come to a standstill during lockdown: Das

– ?50,000 crore special finance facility to be provided to financial institutions such as Nabard, Sidbi, NHB: RBI Governor.

-No change in repo rate which is decided by MPC: Das

-Reverse repo rate cut by 25 bps to 3.75%.

-New measures aimed at maintaining adequate liquidity in system, facilitate bank credit flow, ease financial stress: RBI

-TLTRO 2.0 operations of ?50,000 crore will be conducted: RBI

-To maintain adequate liquidity in the system, we have decided to take additional measures: RBI

-Redemption pressures faced by some mutual funds have moderated: RBI

-Automobile production, sales declined sharply in March; electricity demand has fallen sharply: RBI Governor

-Covid-19 impact is not captured in IIP data for Feb: Das

-ATM operations stood at 91%, no downtime on internet and mobile banking: RBI

-India is expected to post sharp turnaround in 2021-22, says RBI Governor quoting IMF projection.

-IMF projection of 1.9% GDP growth for India is highest in G20, says RBI Governor Shaktikanta Das

-Banks, financial institutions have risen to occasion to ensure normal functioning during outbreak of pandemic: RBI Governor

-RBI governor cites developments that bode well for rural demand.

-RBI has been monitoring the situation closely: Das

-Financial market situation has deteriorated in some areas: Das

-Rupee rises 29 paise to 76.58 against US dollar in early trade.

-Sensex rose over 1,000 points before RBI’s announcement.

-The mission is to do whatever it takes during the Covid pandemic: Das

-Das begins speech.

-RBI Governor Shaktikanta Das’s address will begin at 10 am

News Source:- livemint

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