RBI Steps In To Counter COVID-19 Impact

The RBI Governor in a press conference on Monday announced new measures to provide liquidity to the market, keeping into account the effect of the COVID-19 on the economy. He stopped short of announcing a rate cut, which is being carried out by central banks around the world.

He also stated that the moratorium on Yes Bank would be lifted on March 18, assured depositors of the safety of their deposits with the bank and called the rescue a first of its kind public-private partnership to rescue a private bank.