AMN / MUMBAI
Reserve Bank Governor Shaktikanta Das has assured that the Central bank will take every measure needed to secure the economy against the challenges arising from the Corona virus epidemic. He was addressing an Industry Event here today.
He expressed confidence that the impact on India will be limited as country’s economy is not much integrated with the global value chain and to that extent, it will be insulated.
While noting that there are enough resources to fight the crisis, given the robust forex reserves, Mr Das also called for the International Monetary Fund to launch a non-stigmatized currency swap lines to ease the liquidity pressures globally. On the domestic sector, he said certain sectors which depend on China will be impacted due to the epidemic, but steps are being taken for its mitigation. He said, that there will be considerable impact on Global Economy and Global growth is bound to slow down.
Defending the timing of Yes Bank’s moratorium, the RBI Governor assured that swift resolution will be made on the issues concerning the beleaguered lender. The decision on Yes Bank was taken at a larger level, not only to deal with the problem in an individual entity, but also to maintain stability and resilience of the Indian financial and banking sector, he said. Mr Das also said, the Central bank is resolved to work in close coordination and made it clear that Yes Bank resolution will be done very swiftly much before the stipulated 30 days time.