Steps Taken By RBI To Boost Indian Economy Further Reinforce PM Modi’s Vision: Amit Shah

Mumbai: Union Home Minister Amit Shah on Friday said that the central government led by Prime Minister Narendra Modi is leaving no stone unturned in the fight against COVID-19, “ensuring a minimum disruption in people’s lives while planning for a strong and stable India in days ahead”.

“The Modi government is leaving no stone unturned in this fight against COVID-19, ensuring a minimum disruption in people’s lives while planning for a strong and stable India in days ahead. Steps were taken by RBI today, to boost the Indian economy, further reinforce Prime Minister Narendra Modi’s vision,” Shah tweeted.

https://twitter.com/AmitShah/status/1251068126927544320?s=19

“RBI’s decision to extend 25000 cr credit facility to NABARD will greatly help our farmers, 15,000 cr to SIDBI will provide much needed financial stability to MSMEs and startups, and boost the Make in India program. 10,000 cr to NHB and liquidity measures for Banks and NBFCs will help too,” he added.

https://twitter.com/AmitShah/status/1251077599284965376?s=19

The RBI today announced reducing the reverse repo rate by 25 basis points to reduce it from 4 percent to 3.75 percent to facilitate bank credit flow amid the coronavirus crisis and subsequent nationwide lockout, which made the economic activity a virtual halt. Has brought in, However, this kept the repo rate unchanged.

Also Read: RBI Reduces Reverse Repo Rate By 25 Basis Points From 4 pc To 3.75 pc

RBI Governor Shaktikanta Das also announced a special refinance package of Rs 50,000 crore for the National Bank for Agriculture and Rural Development (NABARD Rs 25,000 crore), Small Industrial Development Bank of India (SIDBI 15,000 crore) and National Housing Bank (NHB 10,000 crore).

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