Udayavni Special

From being on foothills of strong economic recovery to facing fresh crisis: RBI Guv


Team Udayavani, May 5, 2021, 10:20 AM IST

Mumbai: In an unscheduled speech, RBI governor Shaktikanta Das on Tuesday said that situation has reversed from being on foothills of strong economic recovery to facing a fresh crisis.

Earlier in the day, RBI announced on Twitter that an unscheduled speech by Governor Shaktikanta Das will begin at 10 am today.

“RBI will continue to monitor the situation from the resurgence of COVID-19 cases. We have to marshal our resources for fighting the virus with vigour,” he said.

Live Updates:

  • Dent in aggregate demand expected to be moderate compared to the first wave of the pandemic.
  • Normal monsoon forecast should help contain food price inflation.
  • 3-year special long-term repo operations (SLTRO) announced for small finance banks (SFBs) of Rs 10,000 crore.
  • RBI relaxes rules for availing overdraft facility for state govts up to Sept 30.
  • RBI announces rationalisation of KYC compliance norms, provides for video-based KYC for certain categories.
  • RBI provides 2nd window to individual, small borrowers having up to Rs 25 cr loans for restructuring loans if not availed earlier.
  • RBI Guv announces Rs 50,000 cr priority lending by banks for hospitals, oxygen suppliers, vaccine importers, COVID drugs by March 31, 2022.

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