Key highlights from RBI Governor Shaktikanta Das' address
New Delhi: Following are the highlights of the Reserve Bank Governor Shaktikanta Das' address on Wednesday:
NEW MEASURES:
* Special liquidity facility worth Rs 50,000 crore for entities, including vaccine manufacturers; hospitals; pathology labs; manufactures and suppliers of oxygen, for ramping up COVID-related healthcare infrastructure and services.
* Banks are being incentivised for quick delivery of credit under the scheme through extension of priority sector classification to such lending up to March 31, 2022.
* Announces COVID-related stressed assets resolution framework 2.0 under which individuals, small businesses and MSMEs can restructure loans up to Rs 25 crore, if not availed the facility last year.
* RBI relaxes rules for availing overdraft facility for state governments up to September 30.
* Rationalises KYC compliance norms, provides for video-based KYC for certain categories.
* RBI to do a second purchase of govt securities aggregating Rs 35,000 crore in two weeks.
ECONOMY:
* RBI says the situation has reversed from being on the foothills of strong economic recovery to facing a fresh crisis.
* RBI will continue to monitor the situation, deploy tools at command to support businesses impacted by COVID, says RBI Governor.
* COVID-19 situation has altered drastically since March, India has been fighting a sharp rise in COVID cases in last few weeks, says RBI Guv
* Committed to using unconventional tools to tackle any COVID-triggered stress: RBI Guv
* To work with the government to ease stress faced by citizens. Will take big, small steps to tackle stress through the year, says RBI Guv
* RBI stands ready to keep financial conditions congenial, markets continue to work efficiently: RBI Guv
* Global growth outlook highly uncertain, clouded with downside risk, says RBI Guv
* Data shows persistence of input price pressures, normal monsoon forecast should help contain food price inflation, says RBI Guv
* Small borrowers, MSMEs, individuals most vulnerable: RBI Guv
* India mounted a valiant defence, domestically and globally, to ramp-up vaccines and medical support, and save lives, says RBI Governor
* RBI to continue to monitor situation from resurgence of COVID-19 cases; deploy all resources: RBI Governor
* Over 250 RBI personnel and service providers away from their homes to ensure continuity of RBI operations: RBI Guv
* Immediate objective is to save lives, restore livelihoods, says RBI Guv.
