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RBI Updates: RBI’s ‘Economic Vaccine’ on Corona Crisis Opens Relief Doors for Banks, Health Emergency

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RBI Press Conference Live News Updates:: The entire country is currently in the grip of the second wave of Corona epidemic, with Reserve Bank Governor Shaktikanta Das holding a press conference.

MFIs with assets up to Rs 500 crore will be included in the priority sector lending. SLTRO will give Rs 10,000 crore for SFB for 3 years. Banks can increase loan moratorium for 2 years. Banks will get rebate for MSME lending, 0.4 percent reverse repo will be given to banks for corona loans. Loans up to 25 crores have the facility of restructuring, they will get benefits who have not yet done loan restructuring.

On May 20, another GSAP of Rs 35,000 crore will be released. 50,000 crore will be provided for emergency health service. Will give on-tap liquidity of Rs 50,000 crore for 3 years. Banks will get approval to make Corona loan book. Also, loans and incentives will be given soon for the priority sector. MFIs with assets up to Rs 500 crore will be included in the priority sector lending. SLTRO will give Rs 10,000 crore for SFB for 3 years.

The Meteorological Department has expected the monsoon to be normal. Demand is expected to continue to rise due to the normal monsoon. Petrol and diesel prices have seen some relief in March and April. In the month of April, the demand for tractors was increasing, inflation in pulses and edible oil has seen a rise. Good monsoon is expected to reduce inflation further. There has been less impact on inflation this year than last year, all our important figures are being monitored.

Today India is going through a phase of difficulties. The Reserve Bank is monitoring the situation. India’s growth was steadily improving, but the economic conditions have changed due to the sudden increase in the number of infections. We had flattened the corona graph, but now the situation has changed. The second wave of Corona has affected the economy. We need to take immediate and large scale steps. Outlook is uncertain due to Corona.

We see signs of recovery in the global economy. Recovery in India is being faster than the rest of the world. We are also eyeing the rate of inflation. We will help businesses affected by Corona. Steps are being taken to provide relief to every section of the society. Manufacturing units have not had much effect so far. All possible measures can be taken to deal with the corona.

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