New Delhi: Reserve Bank of India (RBI) Governor Shaktikanta Das held a press conference today. The coronavirus is causing damage to the economy. In such a situation, this conference of the RBI Governor is important to protect the economy from loss after the lockdown increases. He addressed it through video conferencing. He said that the RBI is cautious about the coronavirus. The RBI is closely monitoring this. The governor said that no change in the repo rate has been made. It is stable at 4.4 per cent. The reverse repo rate has been reduced from 0.25 per cent to 3.75 per cent.
He said that through TLTRO, RBI will infuse Rs 50,000 crore into the system. RBI has announced to give 25 thousand crores to NABARD, 15 thousand crores to SIDBI and 10 thousand crores to National Housing Bank (NHB). He said that the country has sufficient reserves of foreign exchange. However, the country's export conditions have been quite poor in March. The forex reserve is currently 476.5 billion. He said that even after the lock-down, India's position in the G-20 countries would be better.
According to the International Monetary Fund (IMF), the country's economic growth is expected to be 1.9 percent. Efforts are on to maintain normal banking business in the country. Financial institutions have made special preparations. 91 percent of ATMs in the country are functioning.
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