Rs 10,000 Crore Liquidity To Be Provided To NABARD: RBI Governor
Mumbai: In a major decision today the Reserve Bank of India (RBI)’s Governor Shaktikanta Das says that an amount of Rs 10,000 crore of additional liquidity will be provided to NABARD and National Housing Bank. This he said he will help NBFCs and housing sector tide over the liquidity crisis.
Meanwhile, the RBI monetary policy committee decides to leave the policy repo rate unchanged at 4%. While the reverse repo rate remains unchanged.
It was widely expected that the central bank will either cut the key rates or keep them unchanged, amid rising inflationary pressure and a grim economic outlook. RBI Governor Shaktikanta Das addressed the media at 12.00 pm.
Global economic activity has remained fragile said RBI governor Shaktikanta Das. But he said that global financial markets have been buoyant.
The MPC had convened for this three-day meeting on August 4. In May, the MPC cut the repo rate by 40 bps to 4 percent, the lowest in maintaining
Inflation Stays High:
Domestic food inflation has remained elevated across economies ever since the Coronavirus outbreak, says RBI governor Shaktikanta Das. But he said that agriculture sector prospects have improved with the good monsoons and rise in Kharif sowing area added Das.
The merchandise exports contracted for fourth consecutive month though the pace of contraction has moderated, says RBI governor Shaktikanta Das.