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Coronavirus outbreak: RBI to disburse Rs 50,000 crore to NABARD, CIDBI, NHB

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New Delhi, Apr 17: Reserve Bank of India (RBI) Governor Shaktikanta Das, while addressing the media amid the COVID-19 pandemic, said that the central bank would provide a special finance package of Rs 50,000 crore to NABARD, CIDBI, NHB.

Coronavirus outbreak: RBI to disburse Rs 50,000 crore to NABARD, CIDBI, NHB

The RBI Governor also said that Rs 25,000 crore would be disbursed to NABARD, Rs 15,000 crore to SIDBI and Rs 10,000 crore to NHB.

Highlights of RBI Governor’s address

Addressing the media, the RBI Governor said, "These amounts are based on conversations with these institutions."

He also said that the central bank is taking measures to maintain adequate liquidity in the system, facilitate and incentivise bank credit flows, ease financial stress and enable formal functioning of markets.

    NEWS AT 3 PM, APRIL 17th, 2020

    The Governor also announces 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.

    RBI cuts reverse repo rate by 25 basis points

    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."

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