This Article is From Mar 27, 2020

"Your Money Is Safe," RBI Assures Depositors Amid Coronavirus Scare: Highlights

The announcement came on the third day of a 21-day countrywide lockdown in India to fight the rapid spread of the coronavirus pandemic.

'Your Money Is Safe,' RBI Assures Depositors Amid Coronavirus Scare: Highlights

RBI Governor Shaktikanta Das addressed the media as the country entered the third day of pan-India lockdown to curb the spread of coronavirus pandemic. Prime Minister Narendra Modi on Tuesday announced a three-week nationwide lockdown which will have a huge detrimental impact on businesses. "Your Money Is Safe," RBI governor assured the depositors amid the ongoing coronavirus scare and announced a slew of measures ranging from cutting the repo rate by 75 bps and CRR by 100 bps to allowing 3-month moratorium on all loans.

Here are highlights of what the RBI Governor said: 

  • Monetary Policy Committee met from March 24 to March 27: RBI Governor Shaktikanta Das
  • RBI Governor Shaktikanta Das said that time has come for the central bank to unveil a comprehensive package with force multipliers 1) Measures to increase liquidity 2) Steps to relocate monitary transmission 3) Efforts to ease financial repayments 4) Efforts to stabilize markets
  • RBI cuts repo rate to 4.4% from 5.15% after unscheduled Monetary Policy Committee meet
  • RBI cuts the reverse repo rate by 90 basis points to 4%
  • Reserve Bank has reduces the cash reserve ratio of all banks by 100 basis points.
  • The central bank cuts the liquidity adjustment facility (LAF) by 90 bps to 4%
  • The intensity, spread and duration of the Coronavirus will determine the state of the global economy, said RBI Governor Shaktikanta Das
  • The government has taken good measures and we must ensure we do all we can to win this battle against the Coronavirus, the RBI Governor Shaktikanta Das said.
  • Total liquidity measures taken amount to Rs 3,74,000 crore: RBI chief
  • The central bank has infused 2.7 lakh crore into the system since last February policy: RBI head Shaktikanta Das
  • We must always remember that - Tough times never last, only tough people and tough institutions do, RBI Governor Shaktikanta Das asserted
  • It is our duty to preserve financial stability, and contribute towards economic growth, RBI Governor Shaktikanta Das emphasized
  • There are signs that a large part of the global economy may slip into a recession, RBI Governor Shaktikanta Das pointed out
  • Reserve Bank will carry out a long-term repo rate outlook for up to 3 years for an amount of up to Rs 1 lakh crore. The first tranche of Rs 25,000 crore will be done today itself: RBI Governor Shaktikanta Das
  • Financial stability is the topmost priority of the central bank in this crisis, RBI Governor Shaktikanta Das stressed
  • All banking institutions can offer three-month moratorium on all loans for a period of three months: RBI Governor
  • The economic outlook globally is uncertain and obviously negative: RBI Governor Shaktikanta Das
  • Projections of growth depend entirely on the intensity, spread and duration of the Coronavirus. This kind of uncertainty towards the growth outlook has never ever happened before. This is unprecedented: RBI Governor Shaktikanta Das
  • The offshore INR NDF market has been growing rapidly. Indian banks are not allowed to participate in the market currently: RBI Governor
  • We have decided to defer the NSFR to October 2020: RBI Governor Shaktikanta Das
  • Total liquidity measures taken amount to Rs 3,74,000 crore: Shaktikanta Das
  • Indian banks are safe and there is no need to resort to panic withdrawals: RBI Governor Shaktikanta Das