BANK NEWS
RBI relieve liquidity stress to balance COVID-19 impact on economy
New Delhi: While delivering the keynote address at the 7th SBI Banking and Economics Conclave. RBI Governor Shaktikanta Das on Saturday said that, The Reserve Bank of India (RBI) has cut the repo rate by 250 basis points since February 2019 to relieve the liquidity stress and provide financial stability in the economy. While addressing they said, RBI cut the repo rate by 40 basis points (bps) (100 basis points/bps = 1 per cent).
"From February 2019 onwards, on a cumulative basis, we had cut the repo rate by 250 basis points till the onset of COVID-19. That was done mainly to tackle the slowdown in growth which was visible at that time and we had elaborately touched upon it’s in our MPC Resolutions," Das said-on Saturday.
"COVID-19 is the worst health and economic crisis in the last 100 years with unprecedented negative consequences for output, jobs and well-being. It dented the existing world order, global value chains, labour and capital movements across the globe," he added.
"COVID-19 pandemic perhaps represents so far the biggest test of robustness and resilience of our economic and financial system," Das said.
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