RBI central board meets over video conference to discuss measures to tackle Covid

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June 27, 2020 1:00 AM

The board is widely believed to have discussed the issue of one-time restructuring of stressed accounts in the banking system.

The board is widely believed to have discussed the issue of one-time restructuring of stressed accounts in the banking system.
The central board of the Reserve Bank of India (RBI) met on Friday through video conference to discuss the current macroeconomic situation and the regulatory measures taken to tackle the Covid outbreak. RBI governor Shaktikanta Das and deputy governors BP Kanungo, Mahesh Kumar Jain and Michael Debabrata Patra briefed the board about the overall macroeconomic conditions — both domestic and global, the financial sector situation and the impact of various monetary, regulatory and other measures taken by the RBI in the context of the Covid-19 pandemic.
“The Board deliberated on the current economic situation and the evolving challenges posed by the pandemic. Among others, the Board also discussed the Reserve Bank’s activities during the period (July 2019-June 2020), the budget for the next accounting year July 2020 to March 2021 (aligned with the Government’s financial year), other policy and operational matters,” the central bank said in a statement.
The directors who attended the meeting were N Chandrasekaran, Ashok Gulati, Manish Sabharwal, Prasanna Kumar Mohanty, Dilip S Shanghvi, Satish K Marathe, Revathy Iyer and Sachin Chaturvedi. The government was represented by Tarun Bajaj, secretary, Department of Economic Affairs, and Debasish Panda, secretary, Department of Financial Services.
The board is widely believed to have discussed the issue of one-time restructuring of stressed accounts in the banking system. On Thursday, finance minister Nirmala Sitharaman had said that the government was holding discussions with the RBI on a proposal for a one-time restructuring of loans to help companies undergoing stress due to the Covid-19 pandemic.

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