RBI Governor address the media on current economic situation
RBI Governor Address the Media today (17th April 2020). RBI Governor Shaktikanta Das addresses the media on the assessment of the current economic situation, additional measures, liquidity management, TLTRO 2.0, Refinancing facilities for all India Financial Institutions (AIFIs), Liquidity Adjustment Facility, ways and means advances for states, regulatory measures, asset classification, the extension of resolution timeline, distribution of dividend, liquidity coverage ration, NBFC Loans to commercial real estate projects, concluding remarks.
As per the Reserve Bank of India governor’s statement, April 17, 2020 assessment of the current economic situation since March 17, 2020 the macroeconomic and financial landscape has deteriorated, precipitously in some areas; but light still shines through bravely in some others. On April 14, the IMF released its global growth projections, revealing that in 2020.
RBI Governor Address the Media today
By April 10, pre-monsoon kharif sowing had begun strongly, with acreage of paddy- the principle Kharif crop- up by 37 percent in caparison with the last season. States such as West Bengal, Telangana, Odisha, Assam, Karnataka, and Chhattisgarh are leading in sowing activity despite the lockdown. On April 15, the India meteorological department (IMD) forecast a normal southwest monsoon for the 2020 season, with rainfall expected to be 100 percent of the long-period average.
The robust growth of 21.3 per cent in tractor sales up to February 2020- as against a contraction of 0.5 per cent in April-February last year-may provide an offset to farm labour shortages on account of the lockdown.
Targeted Long Term Operations (TLTRO) 2.0
RBI Governor says when addressing the media Accordingly, it has been decided to conduct targeted long-term repo operations (TLTRO 2.0) for an aggregate amount of Rs/-50,000 crore, to begin with, tranches of appropriate sizes. The funds availed by banks under TLTRO 2.0 should be invested in investments grade bonds, commercial paper, and non-convertible debentures of NBFCs, With at least 50 per cent of the total amount availed going to small and mid-sized NBFCs.
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