Following is a chronology of the central financial institution’s key feedback and actions from February until now:
* February 6: RBI made a passing reference to coronavirus outbreak in China; mentioned softening of crude costs and bearish part in equities resulting from coronavirus infections.
* March 3: Issued an announcement on COVID-19 outbreak amid market volatility; mentioned it’s monitoring developments and is able to take applicable actions.
* March 6: Governor Shaktikanta Das mentioned India will be capable to reply to the challenges rising out of the coronavirus epidemic, RBI able to intervene in no matter method required.
* March 16: RBI writes to banks to make sure operational and enterprise continuity measures, proper after the World Well being Organisation (WHO) declared COVID-19 as a world pandemic.
* Mid-March: The central financial institution constituted a crack group of 150 RBI officers to make sure clean functioning of the monetary system.
* March 27: RBI introduced repo fee lower by 75 foundation factors (bps), discount in CRR by 100 bps, long-term repo operations (LTRO) to infuse Rs 1 lakh crore liquidity and different measures after first Financial Coverage Committee (MPC) meet following the pandemic. The meet was preponed by per week.
It additionally introduced three-month moratorium on all mortgage repayments until Could 31.
* April 3: RBI decreased day by day cash market buying and selling time to 4 hours from 10 am to 2 pm.
* April 17: The central financial institution slashed reverse repo fee by 25 foundation factors and different measures.
It additionally introduced a particular finance facility of Rs 50,000 crore for Nabard, Sidbi and Nationwide Housing Financial institution, focused LTRO of Rs 50,000 crore and modifications in NPA classification to exclude the 90-day moratorium interval.
* April 27: RBI introduced a Rs 50,000 crore particular liquidity facility (SLF) for mutual funds.
* Could 22: Shaktikanta Das introduced repo fee lower by one other 40 bps after second MPC meet, which was additionally preponed. It additionally prolonged the three-month moratorium on reimbursement of loans to banks by one other three months until August 31.