RBI Governor Live Updates: Reverse repo rate cut to 3.75% from 4%, says Shaktikanta Das

RBI Governor Press Conference Live: RBI Governor Shaktikanta Das addressed the media at 10am today. Governor Das slashed reverse repo rate from 4 per cent to 3.75 per cent. Investors are anticipating another round of stimulus package to mitigate the economic fallout of the coronavirus pandemic. The RBI Governor addressed the media on March 27. He announced slashing of repo rate by 75 basis points to 4.4 per cent, while reverse repo rate was reduced by 90 basis points. He acknowledged that the announcements were made during "extraordinary times". In the press conference, RBI allowed banks to defer interest on working capital repayments by 3 months. "MPC noted that global economic activity has come to a near stand-still as COVID19 related lockdowns and social distancing in affected countries. Expectations of a shallow recovery in 2020 from 2019's decade low in global growth have been dashed," he had said. Additionally, Prime Minister Narendra Modi met with Finance Minister Nirmala Sitharaman on Thursday to take stock of the economy. Speculations are rife that the government is looking to roll out another stimulus package to assist sectors hit by the pandemic.

Also read: Coronavirus Lockdown India Live Updates: Covid-19 cases cross 13,000-mark; death toll at 437

Also read: Coronavirus impact: PM Modi takes stock of India economy; mulls second stimulus

Follow RBI Governor Shaktikanta Das' press conference live updates on BusinessToday.In:

10:45 am: Governor Das said that NBFCs can extend realty loans by a year if projects are delayed on reasons beyond control.

10:40 am: Even though we are separated by social distancing, we stand united, says RBI Governor

10:39 am: Inflation on a declining trend: Das

10:37 am: RBI is closely monitoring the situation and tackle the emerging challenges: Das

10:37 am: Scheduled banks and cooperative banks shall not make any dividend payouts, says Das

10:36 am: NBFCs can grant relaxed NPA classification to their borrowers

10:35 am: LCR requirement brought down from 100 per cent to 80 per cent.

10:34 am: Period of resolution timeline extended by 90 days

10:30 am: WMA limit increased by 60 per cent till September 30

10:28 am: Reverse repo rate cut to 3.75 per cent from 4 per cent, says Shaktikanta Das

10:27 am: Refinancing facility for NABARD, SIDBI, NHB as follows:

• Special Refinancing facility of Rs 50000 cr
• Nabard -- Rs 25000 cr
• SIDBI -- 15000 cr
• NHB -- Rs10000 cr for housing finance

10:24 am: Rs 50,000 crore announced for NABARD, SIDBI, NHB

10:23 am: TLTRO 2.0 of Rs 50,000 crore to begin with tranches for small and mid-sized MFI NBFC: Das

10:20 am: COVID has severely impacted MSMEs in terms of access to liquidity, said Das. TLTRO 2.0 of Rs 50,000 crore announced by RBI Governor.

10:18 am: Propose to maintain enough liquidity, facilitate bank credit flows: RBI Gov

10:17 am: Activitiy in corporate bond market has picked up: RBI Governor

10:15 am: Banks have risen to the occasion by filling ATMs despite logistical challenges, says Das.

10:15 am: No down-time of mobile or internet banking: Das

10:12 am: No need to get misled by the IIP data since it was only till February: Das

10:09 am: India expected to project sharp turnaround in 2021-22: Das

10:08 am: Das says global economy expected to plunge it to its lowest since the Great Depression, according to IMF.

10:06 am: Governor Das thanks service providers and doctors. He also thanks RBI staff who are working amid the lockdown.

10:00 am: Humanity faces the trial of its time: Shaktikanta Das

9:55 am: Industry anticipating second stimulus package

Industry leaders, stakeholders and investors are expecting anoter stimulus package from the RBI Governor to mitigate the impact of the coronavirus pandemic.

9:50 am: RBI Governor's press conference to start shortly