SBI chief Rajnish Kumar lauds RBI rate cut, says EMIs deferred by 3 months
SBI Chairman Rajnish Kumar said that the bazooka of conventional cash reserve ratio (CRR) cut by 100 bps and unconventional liquidity measure of incentivising banks will lift the spirit of financial market
- Mar 27, 2020,
- Updated Mar 27, 2020 5:57 PM IST
Terming the RBI policy announcement as bold, decisive and compelling, State Bank of India (SBI) Chairman Rajnish Kumar on Friday said the monetary stimulus will address the credit needs of the real economy. Observing that the India economy is going through a crisis, he said that the Reserve Bank of India's decision to reduce the cost of borrowing and infusing liquidity will help financial markets stabilise and lead to immediate rate transmission.
"The RBI policy announcements are bold, decisive, compelling and with a humane touch in attenuating to the needs of the economy to fight through the pandemic," the SBI chief said.
He said that the bazooka of conventional cash reserve ratio (CRR) cut by 100 bps and unconventional liquidity measure of incentivising banks will lift the spirit of financial market.
"The large rate cut, the adjustment in capital conservation buffer, the moratorium on repayments and the bazooka of conventional cash reserve ratio (CRR) cut and unconventional liquidity measure of incentivising banks to support capital market - all will help financial markets stabilise, lead to immediate rate transmission and address the credit needs of the real economy," Kumar said.
Terming the RBI policy announcement as bold, decisive and compelling, State Bank of India (SBI) Chairman Rajnish Kumar on Friday said the monetary stimulus will address the credit needs of the real economy. Observing that the India economy is going through a crisis, he said that the Reserve Bank of India's decision to reduce the cost of borrowing and infusing liquidity will help financial markets stabilise and lead to immediate rate transmission.
"The RBI policy announcements are bold, decisive, compelling and with a humane touch in attenuating to the needs of the economy to fight through the pandemic," the SBI chief said.
He said that the bazooka of conventional cash reserve ratio (CRR) cut by 100 bps and unconventional liquidity measure of incentivising banks will lift the spirit of financial market.
"The large rate cut, the adjustment in capital conservation buffer, the moratorium on repayments and the bazooka of conventional cash reserve ratio (CRR) cut and unconventional liquidity measure of incentivising banks to support capital market - all will help financial markets stabilise, lead to immediate rate transmission and address the credit needs of the real economy," Kumar said.