'I continue to remain an eternal optimist': RBI governor Shaktikanta Das1 min read . Updated: 06 Aug 2020, 12:49 PM IST
- 'Courage and conviction will conquer Covid-19,' RBI governor Shaktikanta Das said
- RBI left the benchmark repo rate unchanged at 4 per cent
Economic activity had started to recover, but surge in infection has forced imposition of lockdowns, the Reserve Bank of India (RBI) Governor Shaktikanta Das said today while announcing the decisions taken by the central bank's Monetary Policy Committee (MPC).
"Living with the pandemic has improved the way we manage it –working from home; virtual meetings; and “contactless" transactions. Throughout this traumatic period, one thing has stood out – the indomitable spirit of humanity, the inner conviction that whatever be the challenge, we have the innate resilience to combat them, overcome them and emerge victorious. I continue to be an eternal optimist; Mahatma Gandhi should inspire us: “If our resolve is firm and our conviction clear, it would mean half the battle won…." Shaktikanta Das said.
He concluded his speech by saying "courage and conviction will conquer Covid-19."
In April, Shaktikanta Das had quoted Mahatma Gandhi’s speech in October 1931 in London’s Kingsley Hall to focus on what the central bank is doing in its fight against the coronavirus disease.“…in the midst of death life persists, in the midst of untruth truth persists, in the midst of darkness light persists," he said.
RBI kept the Repo rate unchanged at 4 per cent. It also kept the reverse repo rate unchanged at 3.35 per cent while maintaining the accommodative stance in the latest monetary policy. "Accommodative stance of the monetary policy will continue as long as necessary to revive growth and mitigate the impact of COVID19 pandemic while ensuring that inflation remains within target going forward," said RBI Governor Shaktikanta Das.
He said the MPC voted for keeping interest rate unchanged and continued with its accommodative stance to support growth.
RBI had last revised its policy rate on May 22, in an off-policy cycle to perk up demand by cutting interest rate to historic low.