RBI’s Prescription to Fight 2nd Covid Wave Includes No Action Against Non-Updation of KYC Till Dec 31

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Reserve Bank of India said Governor Shaktikanta Das as part of his unscheduled speech on Wednesday, said that the RBI is monitoring the situation very closely and added that localised containment measures is keeping demand buoyant as compared to last year.

Thsi comes at a time when the second wave of coronavirus continues to devastate the country.

Sources informed CNBC-TV18 that the Apex Bank chief may talk about the impact of a national lockdown.

On March 3, Das had expressed optimism about the overall COVID-19 situation following the rollout of the vaccines and complimented all the SAARC central banks for their efforts in combating the pandemic, the central bank said in a statement on Tuesday.

Das made these remarks in his opening speech at the 41st Meeting of the SAARCFINANCE Governors’ Group in virtual format. Das had chaired the meeting.

The RBI said that while the Governors agreed that the pandemic had an adverse impact on their economies, they recognized the importance of leveraging technology to spur growth.

The speech comes amid a ferocious second wave of COVID-19 cases in India. Many states have introduced lockdowns and other COVID-induced restrictions, which could hurt the economy.

Experts told CNBC-TV18 that the RBI Governor may announce relief measures like loan moratorium extension, one-time loan restructuring for small borrowers, additional liquidity relief, among others.

The RBI Governor on May 3 met the representatives of NBFC- MFIs and the two industry associations— Sa-Dhan and MFIN (microfinance institutions network), Moneycontrol had reported.

Deputy governors MK Jain and MD Patra and other top RBI officials attended the meeting.

The microfinance industry has asked for restructuring of borrower loans and liquidity assistance.

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