India has mounted a valiant defence to ramp up vaccines and medical support; shoring up livelihoods and restoring normalcy in access to workplaces, education and incomes becomes an imperative: @RBI Governor
@DDNewslive @airnewsalerts @COVIDNewsByMIB
Devastating speed of virus has to be matched by swift, wide-ranging, sequenced and well-timed actions which reach out to various sections, including the most vulnerable: #RBI Governor
@FinMinIndia @PIB_India @COVIDNewsByMIB
“My faith is brightest in the midst of impenetrable darkness” – #RBI Governor draws inspiration from the words of the Father of the Nation
@FinMinIndia @PIB_India @COVIDNewsByMIB @DDNewslive @airnewsalerts
Agri sector continues to be resilient; record food grain production in 2020-’21 provide food security and support to other sectors. IMD’s forecast of normal monsoon expected to sustain rural demand and overall output in 2021-22, also soothing inflationary pressures: #RBI Governor
Localized and targeted containment measures are enabling businesses and households to adapt; hence, effect on aggregate demand is expected to be moderate in comparison to last year: @RBI Governor
@FinMinIndia @PIB_India @DDNewslive @airnewsalerts
Normal monsoon should help contain food price pressures, especially in cereals and pulses
Merchandise imports and exports continue to witness robust growth performance, even in April 2021
Foreign exchange reserves give us confidence to deal with global spillovers: @RBI Governor
Domestic financial conditions remain easy, given abundant surplus liquidity
Given the positive market response, second purchase of Govt. securities for Rs. 35,000 crore will be conducted on May 20, 2021
: #RBI Governor
@FinMinIndia @PIB_India
Alleviating financing constraints of various stakeholders, including the common man, require a comprehensive targeted response, in fighting the 2nd wave of infections: #RBI Governor
@FinMinIndia @PIB_India
1⃣Term Liquidity Facility of Rs. 50,000 cr. with tenure of upto 3 yrs, at repo rate-to ease access to emergency health services, for ramping up COVID-related health infrastructure & services. Banks can give fresh lending support to variety of stakeholders under this facility: RBI
2⃣ Special Long Term Repo Operations for Small Finance Banks
To provide further support to micro, small and other unorganized sector entities, 3-yr repo operations of Rs. 10,000 crore at repo rate, for fresh lending up to Rs 10 lakh per borrower; facility up to 31 Oct’ 21
: #RBI
3⃣ Lending by Small Finance Banks for priority sector on-lending to MFIs
In view of fresh challenges, SFBs are now permitted to regard fresh on-lending to MFIs with asset size up to Rs. 500 crore, as priority sector lending, facility available up to 31 March, 2022
: #RBI
4⃣Credit flow to #MSME entrepreneurs: #RBI
@minmsme @FinMinIndia
5⃣Stress Resolution Framework 2.0 for Individuals, Small Businesses and MSMEs
Following set of measures being announced to relieve stress faced by most vulnerable categories of borrowers – namely individuals, borrowers and MSMEs: #RBI
5⃣B. For individuals and small businesses who have availed restructuring of loans under Resolution Framework 1.0, where moratorium of less than 2 years was permitted, lending institutions can now increase the period and/or extending residual tenure up to a total of 2 years: #RBI
5⃣C. In respect of small businesses and MSMEs restructured earlier, lending institutions are now permitted to review working capital sanction limits, as a a one-time measure: #RBI
@FinMinIndia @PIB_India
6⃣Rationalization of KYC norms
Extending scope to video KYC for new customer categories such as proprietorship firms
Conversion of limited KYC accounts to fully KYC compliant accounts
Introduction of more customer-friendly options in KYC updating: #RBI
@FinMinIndia @PIB_India
7⃣ Floating Provisions and Countercyclical Provisioning Buffer
Banks can now use 100% of floating provisions held by them, as on Dec 31, 2020, for making specific provisions for NPAs; such utilization is permitted up to March 31, 2022: #RBI
@FinMinIndia @PIB_India
8⃣ Relaxation of overdraft facility for states
Maximum number of days of overdraft in a quarter for state governments increased from 36 to 50 days; no. of consecutive days of OD increased from 14 to 21 days; facility available up to Sep 30, 2021
: #RBI
@FinMinIndia @PIB_India
Immediate objective is to preserve human life and restore livelihoods through all means possible
2nd wave is not insurmountable
It is during our darkest moments that we must focus on light: @RBI Governor
@FinMinIndia @PIB_India
RBI battle-ready to ensure financial conditions remain congenial and markets continue to work efficiently
We will work closely with govt. to alleviate extreme travails being undergone by citizens
Committed to go unconventional and devise new responses as per demand:#RBIGovernor
Future is bright even at this moment
We must remain resolutely focused on a post-pandemic future of strong and sustainable growth
I call upon all stakeholders to address challenges posed by the 2nd wave of the pandemic, remaining in guard about future waves
: #RBI Governor
Our faith should be like an ever-burning lamp, which not only gives us light, but also illuminates the surroundings
– #RBI Governor invokes Gandhiji’s words in concluding his address, exhorting for holding on firmly to our faith especially in this time of distress
@FinMinIndia
