The Reserve Bank of India has come up with another round of measures to boost liquidity, incentivise bank credit flows, ease financial stress and enable normal functioning of markets. RBI Governor said, "India is among the handful of countries that is projected to cling on tenuously to positive growth at 1.9 per cent. In fact, this is the highest growth rate among the G-20 economies." Sensex and Nifty closed on a bullish note, as the second set of measures from the central bank and positive global peers kept investors optimistic. Read for more top stories from the world of business and economy:
1. RBI stimulus: Spread between policy rates at 4-year high
The spread between the repo and reverse repo rates has increased for the second time in a row to touch a four-year high of 65 bps from 40 bps earlier.
2. Coronavirus fallout: India's GDP growth rate may fall to 1.1% in FY21, says SBI Ecowrap
The lockdown extension could also lead to an economic loss of Rs 12.1 lakh crore or 6 per cent of the nominal gross value added - SBI.
3. Coronavirus test results in 2 hours for Rs 1,000; Kerala institute develops new kit
The test called Chitra GeneLAMP-N uses the reverse transcriptase loop-mediated amplification of viral nucleic acid (RT-LAMP) for testing.
4. IMF's projection of 1.9% GDP growth for India highest in G-20, says RBI Governor Das
India is expected to post a sharp turnaround and resume its pre-COVID pre-slowdown trajectory by growing at 7.4 per cent in 2021-22, says RBI Governor.
5. Sensex gains 986 points as RBI unveils steps to fight COVID-19 crisis, financials rally
Most sectors witnessed strong bullish momentum and closed in green territory on Friday, barring pharma and FMCG. NBFCs and banking stocks rose sharply today as RBI Chief announced measures related to bank credit flows, NPA recognition and stressed asset reclassification.
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