RBI Governor's speech comes at a time when India is ravaged by the second coronavirus wave. RBI could likely announce measures to offset economic impact of Covid-19 wave
Reserve Bank of India Governor Shaktikanta Das will make an unscheduled address today. "Watch out for the address by RBI Governor @DasShaktikanta at 10:00 am today, May 05, 2021," the RBI's official Twitter handle stated.
Das' address to the nation comes days after his series of meetings with bankers and non-banking finance companies (NBFC) chiefs with regard to the current stress on the economy in view of the second wave of Covid-19 pandemic.
In this today's speech, the RBI Governor could likely announce measures to offset the economic impact of the second Covid-19 wave.
Various states have come up with their versions of lockdown to contain the fast-spreading virus, which has taken over 2 lakh lives in India so far. Several industry groups have also sought strict lockdown in the country as Covid-19 cases continue to rise at an unprecedented pace in India. So far, the Centre has denied the possibility of a full-scale lockdown to avoid the economic damage like last year.
The RBI has so far supported the economy in terms of cut in key lending rates, loan holidays and open market operations. The Das-led Monetary Policy Committee has promised to keep key lending rates loose as long as it's required. However, the recent rise in inflation has put the central bank in the right spot.