Today's Paper

Ready for COVID-19 impact: RBI Governor

Amid a carnage in the financial markets, the Reserve Bank of India on Monday said it was ready to take any policy measure to mitigate the effects of the COVID-19 outbreak on the economy.

At an unscheduled press conference to assuage market participants, RBI Governor Shaktikanta Das also assured depositors of the beleagured Yes Bank that the reconstruction was aimed at ensuring the safety of depositors’ money.

Mr. Das assured that the central bank would provide liquidity to Yes Bank if needed, after the moratorium on withdrawals is lifted on March 18. He urged the depositors that there is no need for them to rush to withdraw their money.

“Yes Bank has enough liquidity to meet any requirement. If there is a requirement, RBI will provide necessary liquidity support to meet its requirements. So that is a comforting factor for the depositors that the RBI will support Yes Bank if liquidity is required,” he added.

Recommended for you