Will take all necessary measures to ensure liquidity & promote economic growth: RBI Governor

Reserve Bank of India Governor Shaktikanta Das on Wednesday assured the industry that the Central Bank will take all necessary measures to ensure liquidity in the system and promote economic growth.

Delivering a key-note address to the members of Federation of Indian Chambers of Commerce and Industry (FICCI) at a webinar, he said, the economic recovery has not fully entrenched.

RBI in a tweet said, "Address by RBI Governor @DasShaktikanta at the FICCI's National Executive Committee Meeting #rbigovernor #rbitoday https://rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1100"

He said the recovery is likely to be gradual as efforts towards reopening of the economy are confronted with increasing infections. Mr. Das said, financial market conditions in India have significantly eased across segments in response to the front-loaded cut in policy repo rate by the RBI.

He underlined that the bank investments in commercial papers, bonds, debentures and shares of corporate bodies from April to August 2020 have increased by Rs 5,615 crore. In his address, Mr Das spoke about the initiatives taken by the Central Bank to ease the liquidity situation and make available funds to the businesses impacted by the pandemic and subsequent lockdowns.

The Governor also assured the industry that RBI is carefully monitoring the evolving economic scenario and is battle-ready to help the industry and businesses to come out of the COVID-19-induced crisis. He also said that the current crisis has opened up avenues to new global players.

FICCI India is a tweet today said, "#FICCINECM begins with #RBIGovernor Mr Shaktikanta Das. Watch the deliberations live at  #RBIToday."

While welcoming Mr Das to the virtual meet, Dr Sangita Reddy, President, FICCI, said, the economic health of our country has weakened sharply. Reviving the economy requires coordinated efforts from all stakeholders - the government, regulators and the industry.