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RBI Governor Shaktikanta Das. (Mint)
RBI Governor Shaktikanta Das. (Mint)

RBI Governor asks Yes Bank customers not to withdraw money in panic

  • RBI Governor Shaktikanta Das said the central bank is ready to act to mitigate the impact of coronavirus on the economy
  • RBI has assured depositors that their funds in Yes Bank is safe and customers should not withdraw in panic

NEW DELHI : Amid concerns related to coronavirus, Reserve Bank of India (RBI) Governor Shaktikanta Das today announced steps including a US dollar-rupee sell-buy swap and long-term repo operations (LTRO). The RBI, however, fell short of announcing a rate cut, as was being expected widely.

RBI Governor Shaktikanta Das press conference LIVE Updates:

-RBI stands ready to take whatever action is required at the appropriate time to have maximum impact: Shaktikanta Das

-Yes Bank's revival plan will work: Das

-Yes Bank's identity will be retained as a private sector entity: Das

-Decision on repo rate will be taken in MPC meeting but I don't rule out anything: Das

-We want to ensure that our response is neither delayed nor premature.

-Next US dollar swap round will be held on March 23

-Second round of effects of the pandemic could operate through a slowdown in the domestic economic growth & it would obviously be a result of synchronised slowdown in global growth and as a part of that, the growth momentum in India would also be impacted somewhat: RBI Governor

-RBI will conduct LTRO in multiple tranches upto 1 lakh crore: Das

-RBI ready to take all necessary measures to mitigate the impact: Das

-Domestic liquidity conditions remain comfortable: Das

-COVID-19 can impact economic activities in India: Das

-Sectors such as tourism, airlines, hospitality and domestic trade and transport suffering loss of activity: Das

-Yes Bank's new board will assume its position and the office of the administrator will cease to exist on 26th of March.

-Revival of Yes Bank is sound: RBI

-Yes Bank has enough liquidity: Das

-RBI is ready to provide liquidity if needed.

-I want to tell depositors that their money is completely safe. No reason for panic withdrawal or undue worry: RBI Governor on Yes Bank.

-On the Yes Bank issue, RBI's action has been very swift and action was taken very fast. It is perhaps a record of sorts: Das

-RBI Governor Shaktikanta Das has in the past expressed concern over transmission of interest rates.

-Last week, the RBI had said it will take all necessary measures to ensure that the effects of the COVID-19 pandemic on the Indian economy are mitigated, and financial markets and institutions in India continue to function normally.

-The Sensex lost 2,713.41 points or 7.96% lower at 31,390.07 while the Nifty slumped 757.80 points or 7.61% to close at 9,197.40.

-RBI has already announced a $2 billion injection for the foreign exchange market to support the rupee as it fell to a record low.

-The 10-year bond yield fell 19 basis points, its maximum fall since 9 October 2019, to 6.12% from its previous close of 6.322%. Bond yield and prices moves in opposite direction.

-RBI Governor Shaktikanta Das's press conference will begin at 4 pm

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