Mumbai, May 22 (PTI) From asking banks to put in place contingency measures to unscheduled policy review meetings to deep rate cuts, the Reserve Bank of India (RBI) has taken unprecedented measures to deal with the fallout of the coronavirus pandemic after the first case was reported in the country on January 30.
Following is a chronology of the central bank's key comments and actions from February till now Feb 6: Makes a passing reference to coronavirus outbreak in China; says softening of crude prices and bearish phase in equities due to coronavirus infections March 3: Issues a statement on COVID-19 outbreak amid market volatility: says it is monitoring developments and ready to take appropriate actions March 6: Governor Shaktikanta Das says India will be able to respond to the challenges emerging out of the coronavirus epidemic, RBI ready to intervene in whatever way required March 16: Writes to banks to ensure operational and business continuity measures, right after the World Health Organization (WHO) declared COVID-19 as a global pandemic Mid-March : Constitutes a crack team of 150 RBI officials to ensure smooth functioning of the financial system March 27: Announces repo rate cut by 75 basis points, reduction in CRR by 100 basis points, Long Term Repo Operations (LTRO) to infuse Rs 1 lakh crore liquidity and other measures after first Monetary Policy Committee (MPC) meet following the pandemic. The meet was preponed by a week Announces three-month moratorium on all loan repayments till May 31 April 3: Reduces daily money market trading time to four hours from 10 am to 2 pm April 17: Cuts reverse repo rate by 25 basis points and other measures. Announces a special finance facility of Rs 50,000 crore for Nabard, Sidbi and National Housing Bank, targeted LTRO of Rs 50,000 crore and changes in NPA classification to exclude the 90-day moratorium period April 27: Announces a Rs 50,000 crore special liquidity facility for mutual funds May 22: Announces repo rate cut by another 40 basis points after second MPC meet, which was also preponed. Extends the three-month moratorium on repayment of loans to banks by another three months till August 31. PTI AA RAM