Measures announced by RBI will help industry and economy fight COVID 19 pandemic: TPCI
Press Release:
Measures announced by RBI will help industry and economy fight COVID 19 pandemic: TPCI
New Delhi, 17th April, 2020: Commenting on the slew of measures announced by RBI today, Mohit Singla Chairman of Trade Promotion Council of India said, “As a most astute and responsible body RBI has been keeping a tight vigil at our economy and evolving situation out of COVID 19 pandemic. Measures announced today to infuse liquidity, facilitate bank credit flow and ease financial stress will surely help industry and economy fight this deadly pandemic.”
Further Singla said, “Rs 50,000 crore special finance facility provided to financial institutions such as NABARD, SIDBI and NHB will surely help the rural economy which is stressed for funds due to the crisis.”
“Additional steps like; 90-day NPA norm not to apply on to the moratorium granted on the existing loans by banks, lowering the reverse repo rate and LCR requirement of banks brought down to 80 percent from 100 percent, will surely ease pressure on the banking system,” he added.
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