Reserve Bank of India assures industry of sufficient liquidity |
The Reserve Bank of India`s Governor Shaktikanta Das on 16th September assured the Indian industries that the Central bank will take all necessary measures to ensure liquidity in the system and promote economic growth. Delivering a key-note address to the members of the Federation of Indian Chambers of Commerce and Industry at a webinar, he said, the economic recovery has not fully entrenched. He said the recovery is likely to be gradual as efforts towards the reopening of the economy are confronted with increasing infections. Das said financial market conditions in India have significantly eased across segments in response to the front-loaded cut in policy repo rate by the RBI. He underlined that the bank investments in commercial papers, bonds, debentures and shares of corporate bodies from April to August 2020 have increased by 761 million dollars. In his address, Das spoke about the initiatives taken by the Central bank to ease the liquidity situation and make available funds to the businesses impacted by the pandemic and subsequent lockdowns. The Governor also assured the industry that RBI is carefully monitoring the evolving economic scenario and is battle-ready to help the industry and businesses to come out of the COVID-19-induced crisis. He also said that the current crisis has opened up avenues to new global players.
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