COVID Update: RBI Governor Discusses Loan Moratorium, Credit with Bank Heads

RBI

Reserve Bank of India (RBI) Governor Shaktikanta Das today called a meeting with the heads of major public and private sector lenders via video conferencing and discussed the ongoing economic situation in the country. The RBI chief’s meeting with the heads of banks have come a day after the centre extended a 40-day nationwide lockdown to control the spread of the coronavirus (COVID-19) pandemic.

RBI

During the meeting, RBI Governor praised the efforts made by the banks “in ensuring normal to near normal operations” during the coronavirus-induced lockdown.

Besides, the RBI chief discussed the credit flows to various sectors of the economy, such as non-banking financial companies (NBFCs), microfinance institutions, housing finance companies and mutual funds.

Post-lockdown credit flows, including the provision of working capital, with a special focus on credit flows to micro, small and medium enterprises (MSMEs) were also mentioned during the discussions.

Besides, the officials discussed issues namely the implementation of the three-month moratorium on repayment of loan instalments and the stability of the financial sector.

The discussions were done in two sessions via video conferencing, and were attended by the central bank’s deputy governors and other senior officers as well.

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