RBI Governor Shaktikanta Das Press Conference Live Updates: RBI Governor Shaktikanta Das will be addressing the media at 10 am today in what will be the second such address by RBI during the lockdown.
The RBI address comes a day after Prime Minister Modi met Finance Minister Nirmala Sitharaman to discuss the economic situation in the country following the prolonged lockdown due to the coronavirus pandemic.
Sources said the government has prepared a financial relief package which may come in the form of staggered booster doses.
FOLLOW LIVE UPDATES ON RBI GOVERNOR’S ADDRESS
10.05 am: RBI Governor Shaktikanta Das begins media address, thanks RBI officials, bankers and other teams working during the lockdown.
9.52 am: Non-banking Financial Institutions (NBFCs) may get some attention from the RBI today after the Ministry of Home Affairs (MHA) eased restrictions.
9.50 am: The rupee fell 0.55 per cent to a new record low of 76.86 against the US dollar on Thursday, while the equity indices have been on a see-saw in the wake of the coronaviirus outbreak losing over 30 per cent since January.
9.40 am: Sources have said the government is considering cash relief for migrant workers and economically weaker sections to boost demand as manufacturing curbs are eased during the lockdown.
9.39 am: Financial relief for MSME and others may include extension of moratorium on working capital loans. The RBI may focus on NBFCs and greater cheaper credit flow for businesses.
9.37 am: The government is also considering a proposal for payroll support relief for MSME workers.
9.35 am: The government is expected to announce a financial relief package and relief measures to benefit workers, MSMEs, service sector and other industries.
9.30 am: RBI Governor Shaktikanta Das to address the media in his second such media event during the lockdown period. On Thursday, Sitharaman met PM Modi to discuss the current economic situation and possible relief measures.
The RBI address comes amid the steep fall in the rupee and ongoing volatility in other segments of the financial markets.
This will the second time that the governor will be addressing the media since the nationwide lockdown was imposed from March 25.
On March 27, RBI held cut the repo rate by a record 75 basis points. The repo rate was reduced to a 15-year-low of 4.40 per cent and was also the steepest cut since October 2004.
The Reserve Bank of India cut the cash reserve ratio by 100 bps to 3 per cent apart from announcing various measures to boost liquidity in the system.