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Reserve Bank of India Governor Shaktikanta Das is making an unscheduled speech as the second wave of coronavirus continues to devastate the country. India has emerged as the coronavirus hotspot, with surging cases overwhelming the healthcare system. India has already crossed the 2-crore mark in total Covid infections caseload, which is the second highest globally — just behind the United States and ahead of Brazil.

Prime Minister Narendra Modi has so far resisted pressure to impose a lockdown to stem the spread of the dreaded virus. Earlier this week, president of the Confederation of Indian Industry and chief executive of Kotak Mahindra Bank Uday Kotak had called upon the government to consider curtailing economic activity to cut the transmission chain of coronavirus.

Dr Anthony Fauci, America’s top public health expert and the White House Chief Medical Adviser also recently recommended a nationwide lockdown in India to arrest the spread of the pandemic.

Here are some key highlights:

Have faith in India’s ability to come out of Covid-19 crisis, Shaktikanta Das said and added that RBI continues to monitor the Covid-19 situation. India is fighting a ferocious rise in Corona cases and we have to marshall all our resources with renewed vigour, the Governor added.

RBI Governor has announced Rs 50,000 crore priority lending by banks for hospitals, oxygen suppliers, vaccine importers, Covid drugs by March 31, 2022

Businesses are learning to work amid localized and targeted containment measures. 

Disruption in manufacturing is minimal and we do not expect any major deviation from our growth projection in April 2021

We have decided to provide a term liquidity facility of Rs. 50,000 crore to ease access of new funds to Emergency Medical Services

Banks can lend more to medical services sector till March 31, 2022

We have decided a Resolutìon Framework 2.0 to help stressed small borrowers (both individuals and MSMEs) who are most vulnerable in the present situation

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