The Governor started his deal with by quoting Mahatma Gandhi, saying: ‘Within the midst of loss of life life persists, within the midst of untruth, fact persists, within the midst of darkness gentle persists.’ Appreciating the frontline employees, Das mentioned the RBI was doing no matter it may do to steepen the curve, whilst he mentioned India was one of many few international locations that will cling on to some form of progress.
The rupee fell 0.55 per cent to a brand new file low of 76.86 in opposition to the US greenback on Thursday, whereas the fairness indices have been on a see-saw within the wake of the coronavirus outbreak dropping over 30 per cent since January.
“Watchout for the RBI Governor @DasShaktikanta deal with dwell at 10.00 am at this time (April 17, 2020),” RBI mentioned in a tweet. This can the second time that the governor might be addressing the media for the reason that nationwide lockdown was imposed from March 25.
On March 27, RBI held a historic pre-term MPC (Financial Coverage Committee) assembly whereby the repo fee was reduce by a file 75 foundation factors. The repo fee was decreased to a 15-year-low of 4.40 per cent and was additionally the steepest reduce since October 2004.
The identical day, the central financial institution reduce the money reserve ratio by 100 bps to three per cent other than saying varied measures to spice up liquidity within the system.
There have been calls that the 75 bps cuts was not adequate and that RBI may go for extra fee cuts and liquidity measures. Many brokerages had mentioned RBI may slash the lending charges by one other 100 bps.