RBI Governor's Address - India going through its darkest moments in history

Reserve Bank of India Governor Shaktikanta Das will deliver an address later today, even as the country undergoes an extended nationwide lockdown to ward off the spread of deadly coronavirus. The RBI did not give any further information about the upcoming address; however, non-banking finance companies (NBFC) and bond markets may except some easing.

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10:42 AM

Inflation is on a declining trajectory: RBI governor
 

10:41 AM

90-day NPA norm not to apply on moratorium granted on existing loans by banks, says RBI governor Shaktikanta Das
 

10:39 AM

NPA classification will exclude the 3-month moratorium period: Das

Non-performing classification will exclude moratorium period sais RBI Governor.
 

10:38 AM

Banks must maintain 10% more provision

To maintain the banks health, RBI said that the lenders will have to maintain 10% higher provisions on standstill accounts.

10:38 AM

Economic activity came to standstill during lockdown: RBI governor Shaktikanta Das
 

10:33 AM

Reverse repo rate cut to encourage banks to lend: Das

The cut in reverse repo rate is to encourage banks to lend more, said RBI Governor Shaktikanta Das.
 

10:30 AM

Rs 6.9 lakh crore absorbed by RBI on April 15

Das announced that Rs 6.9 lakh crore absorbed by RBI on April 15 by means of reverse repo rate.

10:29 AM

RBI cuts reverse repo rate

Reverse repo rate cut by 25 basis points from 4 per cent to 3.75 per cent.

10:28 AM

RBI's capital infusion in NABARD, SIDBI, and NHB

RBI has announced Rs 25,000 crore to NABARD; Rs 15000 crore to SIDBI for refinancing commercial banks, NBFCs, etc; and Rs 10,000 crore to NHB.  
 

10:26 AM

TLTRO 2.0 started by RBI

Funds will be made available to small and mid-size firms and banks will have to disburse funds in a month's time. The amount of Rs 50,000 core can be increased, said Das.

10:26 AM

RBI announces TLTRO of Rs 50,000 crores

RBI has decided for an aggregate amount of Rs 50,000 crore to begin in TLTRO, in tranches of appropriate sizes. - RBI

10:25 AM

RBI to start TLTRO 2.0

TLTRO 2.0 will be started by the RBI, beginning with Rs 50,000 in tranches, to small and mid-size NBFCs and MFIs.

10:23 AM

Contraction in exports much worse than in Global Financial Crisis

Contraction in exports at 34% has turned out to be much worse than in Global Financial Crisis, says RBI Governor Shaktikanta Das.

10:23 AM

Financial conditions have improved owing to steps taken by RBI, says Das

Financial conditions have improved, redemption pressure faced by mutual funds have moderated: Das
 

10:22 AM

India's growth is positive despite projection of global recession

India among a handful of countries that are projecting positive growth - RBI Governor
 

10:19 AM

PMI contracted due to export hit: Das

Services PMI contracted due to a sharp downturn due to export hit. 25-30% sharp decline in electricity demand due to virus, says Das

10:19 AM

India going through darkest moment

It is our darkest moment and we should focus on light. - RBI Governor Shaktikanta Das
 

10:18 AM

Cumulative loss of $9 trillion to global GDP, estimated by IMF: RBI Governor

Emerging markets are coping with sharp volatility in financial markets & exchange rates, RBI governor says.
 

10:15 AM

Banks and other financial institutions have risen to the occasion: Das

Banks, financial institutions have risen to occasion to ensure normal functioning during outbreak of pandemic: RBI Governor
 

10:15 AM

India to cling on to some growth: Das

India's growth rate is expected to be highest among G20 nations, as per IMF estimates: Shaktikanta Das

10:14 AM

Economic situation has worsened: Das

The Economic situation has worsened since we last spoke, said RBI governor Das.

10:12 AM

RBI staff working, staying away from family to ensure financial system stays put

RBI governor started his address by thanking RBI staff that has been working away to keep the financial system strong.
 

10:11 AM

RBI acting proactively: Das

RBI governor said that the RBI is doing everything to fight the epidemiological challenge that the world is facing.
 

10:10 AM

RBI governor Das begins his video address.

10:00 AM

PM Modi met FM Nirmala Sitharaman to discuss possible economic package

After various agencies downgraded India’s growth outlook due to lockdown extension, Narendra Modi discussed a possible second economic stimulus with Finance Minister Nirmala Sitharaman yesterday. He also reviewed the effect of coronavirus on the Indian economy.
 

09:59 AM

Economic growth may fall to 1.1 per cent this fiscal, says SBI report

India’s GDP growth may slide to 1.1 per cent in the current financial year, on account of the impact of coronavirus outbreak on the economy, a research report by SBI said on Thursday. The economic growth rate during 2019-20 is estimated to come down to 4.1 per cent from 5 per cent projected by several agencies before the outbreak of deadly virus, which affected more than 20 lakh persons around the world and took lives of over 1.3 lakh people.

09:57 AM

Markets eagerly await RBI Governor's address

BSE Sensex advanced 1,072 points or 3.50 per cent to trade at 31,674, while the NSE Nifty 50 managed to climb up to reclaim the crucial 9,300-mark in the opening trade ahead of RBI Governor's address. 

09:54 AM

RBI reduces FPI investment limits in G-secs to Rs 2.34 lakh crore for FY21

RBI on Wednesday reduced the general category foreign portfolio investors’ (FPI) investment limit in central government securities to Rs 2.34 lakh crore for the entire fiscal year 2021 as compared to the existing limit of Rs 2.46 lakh crore. As a result, the limits have been brought down by almost $1.5 billion to just above $31 billion.

09:52 AM

Finance Minister to meet executives of state-run banks today

The finance ministry is likely to hold a meeting with top executives of state-run banks on Friday, for a second time this week, to review liquidity in the system and the lenders’ preparedness to support the credit appetite of the economy once the lockdown is lifted for certain segments after April 20

09:50 AM

Loans may not get further cheaper

While a rate cut is unlikely, further TLTROs, restriction on banks parking funds in the reverse repo, easing of MTM norms for banks on their Gsec portfolio, Gsec and SDL OMOs, including Commercial Papers in the repo with haircuts could be announced. - Abhishek Goenka, Founder and CEO, IFA Global.

09:49 AM

RBI cut repo rate by 75 basis ponts in last MPC meet

On March 27, the RBI announced several relief measures to counter the slowdown caused by Covid-19 spread. The announcements included the repo rate cut by 75 basis points.