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Reserve Bank of India

Reserve Bank of India

Significant pointers placed by RBI Governor Shaktikanta Das in the press conference:

[To be updated with official press release]

What all does the Press Release statement consists? Read below:

 -a cumulative reduction in the policy repo rate of 135 basis points;

-accommodative stance of monetary policy as long as necessary to revive growth, while keeping inflation within the target. – two USD buy/sell swap auction of USD 5 billion each conducted on March 26 and April 23, 2019, injecting liquidity into the banking system amounting to ?34,561 crore and ?34,874 crore, respectively.

– seven open market purchases, injecting ?92,500 crore into the system.

– four simultaneous purchase and sale of government securities under Open Market Operations (special OMOs or what is known as operation twist) during December and January (December 23 and 30, 2019 and January 6 and 23, 2020) to ensure better monetary policy transmission.

– five long term repo operations (LTROs) between February 17 and March 18, 2020 for one-year and three-year tenors amounting to ?1,25,000 crore of durable liquidity at reasonable cost (fixed repo rate).

– exemption on incremental credit disbursed by banks between January 31-July 31, 2020 on retail loans for automobiles, residential housing and loans to micro, small and medium enterprises (MSMEs) from the maintenance of cash reserve ratio (CRR).

– two 6-month US Dollar sell/buy swap auction providing dollar liquidity amounting to USD 2.71 billion.

– fine-tuning variable rate repo auctions of ?50,000 crore and ?25,000 crore of 8 days and 3 days maturity on March 26 and March 31, respectively, with standalone primary dealers (SPDs) allowed to participate.

– fine-tuning variable rate Repo auction of 16-day maturity amounting to ?81,585 crore on March 23-24, 2020.

-The amount under the Standing Liquidity Facility (SLF) available for standalone primary dealers was enhanced from ?2,800 crore to ?10,000 crore on March 24, 2020 and this will be available till April 17, 2020.

*To read the detailed press note, please follow the link given below:

PRESS NOTE


Reserve Bank of India

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