Coronavirus outbreak: PM Modi hails RBI, says steps will improve in credit supply

New Delhi, Apr 17: Minutes after the Reserve Bank of India (RBI) Governor Shaktikanta Das concluded his digital press conference, Prime Minister Narendra Modi took to Twitter and hailed the steps taken by the RBI. The Prime Minister also said that it would "greatly enhance liquidity" and help lift the farmers and the poor.

In a tweet, PM Modi said, "Today's announcements by @RBIwill greatly enhance liquidity and improve credit supply. These steps would help our small businesses, MSMEs, farmers and the poor. It will also help all states by increasing WMA limits."

While addressing a digital press conference, the RBI Governor said that it has cut the reverse repo rate by 25 basis points to 3.75 per cent.

The Governor also announced a Rs 50,000 crore booster package for the small and medium-sized industries to recover from the ongoing COVID-19 lockdown.

He also announced TLTRO 2.0, where the RBI would conduct Targetted Long Term Repo Operations for Rs 50,000 crore to begin with tranches of appropriate sizes.

As the RBI Governor began to address the media, he said, "The mission is to do whatever it takes to prevent the curve from steepening further. In this environment, the RBI has been proactive and has been monitoring the situation closely."