Covid-19 infection The Reserve Bank of India (RBI) Governor Shaktikanta Das made several important announcements at an undefined press conference on Wednesday to give relief to the economy. The central bank has reopened its one-time loan restructuring plan. The RBI gave individual, small borrowers with loans up to Rs 25 crore a second chance to restructure the loan, businesses that had not taken advantage of it earlier under the framework, which can now take advantage of the scheme Huh. In this case, let us know the special features of the announcements announced by the RBI…
RBI gave relief, brought new loan moratorium scheme, they will get benefit
1. Banks will give a loan of Rs 50,000 crore to hospitals, oxygen suppliers, vaccine importers, Kovid medicines by 31 March 2022.
2. RBI gave a second opportunity to restructuring the loan to individual, small borrowers taking loans up to Rs 25 crore, if they did not avail this facility in the first place.
3. The state governments relaxed the rules to avail the overdraft facility by 30 September.
4. RBI announced rationalization of KYC compliance norms, providing video-based KYC for certain categories.
5. RBI will make another purchase of Rs 35,000 crore on May 20 under the Government Securities Procurement Program (G-SAP 1.0) to increase the flow of financial resources in the economy.
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6. The economy started recovering but the situation has changed now, and is facing fresh crisis.
7. RBI is constantly monitoring the situation arising out of increase in Kovid-19 cases, all resources are being used.
8. Proper management of resources has to be done to fight the virus.
9. Food and fuel inflation has increased inflation, although the forecast of normal monsoon is expected to help in food inflation.
10. Unconventional ways to prepare for the challenges arising out of the central bank Kovid.
11. RBI will work closely with the government to relieve the tension of the citizens.
12. Forecasts of global growth are highly uncertain, with the risk of decline continuing.
13. The immediate objective is to save life, restore livelihood.
14. More than 250 RBI employees and service providers are working away from home to continue the operations of the central bank.
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