RBI central board meet to discusses COVID-19 challenges

RBI

Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday called a meeting with the board members of the regulator to discuss the impact of the various monetary and regulatory measures initiated by the central bank to Combat the COVID-19 crisis.

RBI

Further, the RBI’s central board discussed the current macroeconomic circumstances and evolving crisis being posed by the coronavirus pandemic, said the RBI said in a release post the meeting that was held via video-conferencing today.

“At the outset, the governor and deputy governors briefed the board about the overall macroeconomic conditions — both domestic and global; financial sector situation; and the impact of various monetary, regulatory and other measures taken by the RBI in the context of the COVID-19 pandemic,” said the RBI in its official communiqué.

Moreover, the board also discussed the current economic situation and the growing adversities posed by the pandemic.

Also Read: COVID-19 and Microfinance Institutions: Striking the right note

Besides, it discussed the RBI’s activities during July 2019-June 2020, the Budget for the next accounting year July 2020 to March 2021 (aligned with the government’s financial year), other policy and operational matters.

The RBI had taken a series of steps, such as reduction in the key policy rate and procedures to support the industry, to deal with the impact of COVID pandemic.

Deputy governors B P Kanungo, Mahesh Kumar Jain and Michael Debabrata Patra and other directors of the central board, and secretaries in the Union finance ministry also attended the meeting.

It was the 583rd meeting of the central board of the RBI.

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