Reserve Bank of India Governor Shaktikanta Das announced that the central bank will continue to monitor situation from resurgence of COVID-19 cases and will deploy all resources and instruments at its command especially for the citizens, business entities, and institutions beleaguered by the second wave.
According to media reports, RBI Governor, addressing a videoconference said that the situation has reversed from being on foothills of strong economic recovery to facing a fresh crisis.
The RBI had given information about this on Twitter. This address of RBI governor Shaktikanta Das was not pre-decided. Some important announcements were expected to be made in this.
However, during the address, Shaktikanta Das said important things about the corona, oxygen supply in the media briefing.
The RBI governor said that Covid loan books will be made for some priority sectors. These loan books have been asked to be made by banks.
In addition, the Reserve Bank has announced long-term repo operations for small finance banks up to Rs 10,000 crore. Through this, customers will be able to give loans up to 10 lakh rupees.
The RBI Governor announced a priority loan of Rs 50,000 crore by the banks till March 31, 2022 for hospitals, oxygen suppliers, vaccine importers, Covid medicines.
RBI Governor said that the forecast of normal monsoon should help in keeping food inflation under control.
RBI Governor said, we have to properly manage our resources to fight the virus.
The RBI relaxed the rules for the state governments to avail the overdraft facility by 30 September.
The RBI will deploy all its resources and equipment specifically for citizens, business entities and institutions affected by the second wave.
The central bank has announced long-term repo operations for small finance banks (SFBs) up to Rs 10,000 crore. It will be used for loans up to Rs 10 lakh per borrower.
