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RBI Governor Speech Live Updates: Banks to be incentivised for quick lending amid 2nd Covid wave

Das says the RBI will continue to monitor the emerging COVID-19 situation and will deploy all resources and instruments at its command especially for the citizens, business entities, and institutions beleaguered by the second wave

twitter-logoBusinessToday.In | May 5, 2021 | Updated 12:15 IST
RBI Governor Speech Live Updates: Banks to be incentivised for quick lending amid 2nd Covid wave
RBI Governor Shaktikanta Das

Reserve Bank of India (RBI) Governor Shaktikanta Das is addressing the nation at 10 AM today, the RBI's official Twitter handle stated. "Watch out for the address by the RBI Governor," it said, without giving any further details.

Das' address to the nation comes days after his series of meetings with bankers and non-banking finance companies chiefs with regard to the current stress on the economy in view of the second wave of Covid-19 pandemic.

Check out all the latest updates on the RBI Governor's address on BusinessToday.In live blog

10.43 am: RBI says it's ready to go unconventional

  • Small finance banks will be able to lend to small MFIs with asset size of Rs 500 till March 31.
  • The RBI has increased maximum oversraft tenor to 50 days from current 36.

10.30 am: Counter cyclical provisioning buffer that's held by banks as of December 2020 can be used to make specific provisions of NPAs after the bank baord approvals.

10.24 am: For MSMEs, borrowers of up to Rs 25 crore loans, which were not considered for restructuring earlier, will be considered so till September 31, says Das

10.22 am: The RBI allows banks to create a Covid loan book. Patients can now get loans from banks for Covid care. 

10.20 am: The RBI will conduct a 3-year long-term repo operation worth Rs 10,000 crore. The SFB on-lending to MFIs will be categorised as "priority sector", and the limit for the SFB scheme has been set at Rs 10 lakh per borrower.

10.15 am: The forecast of a normal monsoon by IMD is expected to sustain rural demand and overall output in 2021-22, while also having soothing impact on inflation pressures, says Das

10.14 am: The RBI will ramp up COVID-related healthcare infrastructure by opening an on-tap liquidity window of Rs 50,000 crore with up to three-year tenor at repo rate till March 31, 2022, says RBI governor 

10.12 am: The RBI has decided that second purchase of G-SEC for Rs 35,000 crore under G-SAP 1.0 will be conducted on May 20, says Das 

10.11 am: The devastating speed with which the virus affects has to be matched by swift and wide-ranging actions that are sequenced, calibrated and well-timed so as to reach out to various sections including the most vulnerable: RBI Governor

10.10 am: Das says the RBI will continue to monitor the emerging COVID-19 situation and will deploy all resources and instruments at its command especially for the citizens, business entities, and institutions beleaguered by the second wave.

10.09 am: Rail freight registered growth of over 76 per cent y-o-y in April. Toll collections in April suggest mobility declined but unlike abrupt halt during April 2020. Automobiles registration in April 2021 shown moderation compared to March. Tractor segment continues robust pace, says Das

10.08 am: The RBI governor says measures need to "wide-ranging and well-timed" as the second Covid-19 wave continues to hit India.

10.05 am: The RBI will continue to monitor emerging situation and use all its resources, says Das

10.04 am: Global economic outlook is highly uncertain and clouded with downside risks: Das

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