Important announcements by RBI Governor Shaktikanta Das

Reserve Bank of India (RBI) governor Shaktikanta Das will address a press conference today at 10 am. This will be third presser of the governor in the context of COVID-19 related measures in last two months.

The first one was on March 27 and the second on April 17. The press briefing will take place days after Finance Minister Nirmala Sitharaman gave details of the Rs 20 lakh crore economic relief package announced by Prime Minister Narendra Modi to help the economy recover from the shocks linked to the coronavirus pandemic.

RBI tweeted: “Watch out for RBI Governor @DasShaktikanta live address at 10:00 am today (May 22, 2020).” The Finance Minister, while giving finer details of the economic package, had indicated that the big sums that the centre has dropped into reviving businesses would eventually trickle down.

The Monetary Policy Committee reduced the repo rate by 75 basis points and the reverse repo rate by 90 basis points int he first such briefing, only to reduce the reverse repo rate by another 25 basis points int he second briefing.

With the government extending the nationwide lockdown up to May 31, the Reserve Bank of India (RBI) may extend the moratorium on repayment of loans for three more months, said a recent SBI research report.

“With the lockdown now extended up to May 31, we expect RBI to extend the moratorium by three months more,” SBI’s research report- Ecowrap said.

The address comes ahead of the meeting of RBI’s monetary policy committee between June 3-5 and RBI. The committee is likely to announce its second bi-monthly policy of 2020-21 on June 5.