Engaged with all stakeholders for a resolution, says RBI Guv Shaktikanta Das

The Reserve Bank of India is working with all stakeholders to resolve the Punjab and Maharashtra Cooperative Bank issue, the central bank governor said on Saturday. “The RBI has engaged with all stakeholders for the Punjab and Maharashtra Cooperative Bank resolution,” said RBI Governor Shaktikanta Das.

Governor Das delivered the opening speech of the 7th SBI Banking and Economic Conclave.

“The medium-term outlook for the Indian economy remains uncertain even though the country has started to reopen after more than two months of nationwide lockdown, as demand and supply shocks from the coronavirus remain significant,” said the governor of the umbrella bank of India.

The RBI Governor also added that the covid pandemic represents the greatest test of the robustness and resilience of our economic and financial system to date. “The RBI’s top priority is growth; financial stability is just as important, ”Governor Das said.

“The RBI has reduced the repo rate by 250 basis points since February 2019 to ease liquidity pressures and ensure the financial stability of the economy,” Governor Shaktikanta Das said.

“The Covid-19 crisis is the worst health and economic crisis in the past 100 years, with unprecedented negative consequences for production, employment and well-being. It has shaken the existing world order, global value chains, the movement of labor and capital around the world, ”Governor Das said. .

The RBI Governor also added that the covid pandemic represents the greatest test of the robustness and resilience of our economic and financial system to date. “The RBI’s top priority is growth; financial stability is just as important, ”Governor Das said.

“The Indian economy has started to show signs of returning to normal after restrictions were eased,” said RBI Guv.

“RBI has taken several measures to protect our financial system, support the economy in the current crisis,” he said.

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