On Wednesday RBI governor Shaktikanta Das said in latest webinar organised by industry body FICCI that there is some stabilization in economic activities are seen in the second quarter of this fiscal.
Revival of the economy will help more. RBI will focus on few key areas to assist a revival of the economy in the coming few months, Das said. Further he added that there are major few key areas on that we should emphasize and it will determine stability and grow up India’s growth in the medium term. These few keys are
1st key – human capital with specific focus on education and health.
2nd key – productivity, exports which is leading to India’s role in the global value chain
3rd Key – tourism, food processing associated productivity areas.
During March, Reserve Bank of India had announced loan moratorium to ensure relief to borrowers and enable continuity of smooth businesses operation impacted by Coronavirus pandemic. According to RBI information, half of the customers accounting for around half of outstanding bank loans provided of the benefit. The central bank had allowed moratorium for the three months ended 31 May but later extended it till 31 August.
But Later, Reserve Bank of India permitted to recast debt for corporate and retailers both. The repayment period was extend till two years for lenders by allowing respite in a situation where covid-19 has left millions unemployment allowed debt recast for both corporate and retail borrowers. Lenders can extend the repayment period by a maximum of two years, allowing respite in a situation where covid-19 has left millions unemployment, and diminishing their ability to repay existing debt.
Resevre Bank India had also announced the constitution of an expert panel under K.V.