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RBI Governor LIVE: Shaktikanta Das rolls out stimulus measures amid 2nd Covid-19 wave; liquidity, credit, more

The second buy of G-SEC for Rs 35,000 crore beneath G-SAP 1.0 will probably be performed on May 20, 2021. (File picture)

RBI Governor LIVE: RBI Governor Shaktikanta Das on Wednesday unveiled liquidity assist measures amid rising Covid-19 circumstances in India. RBI Governor Shaktikanta Das mentioned that the 2nd wave of COVID-19 in India has drastically altered the financial state of affairs. He added that RBI will proceed to observe rising state of affairs, utilizing all sources. India had flattened the inflation curve however the state of affairs altered. He additionally added that the quarantine facility of the RBI continues to function with greater than 200 officers working away from their properties. He introduced that the second buy of G-SEC for Rs 35,000 crore beneath G-SAP 1.0 will probably be performed on May 20, 2021. Among liquidity measures, he introduced on-tap liquidity window of Rs 50,000 crore with tenure of as much as 3 years at repo charge being opened until March 31, 2022. RBI additionally introduced focused long-term repo operation for small finance banks (SFBs) of as much as Rs 10,000 crore. This will probably be used for lending of as much as Rs 10 lakh per borrower. Das mentioned that it’s throughout the darkest moments that we should deal with the sunshine. “We have lessons to draw from our experience of last year when as a nation we came together and overcame the once in a generation challenge imposed by the first wave of the pandemic,” Das mentioned. “Our faith should be like an ever-burning lamp which not only gives us light, but also illuminates the surroundings,” Das concluded.

 

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