"The economic outlook globally is uncertain and obviously negative," RBI chief Shaktikanta Das said.
Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday announced rate cuts to mitigate the negative impact of coronavirus on the economy. He announced a cut of 75 basis points in the repo rate to 4.4 per cent, after an unscheduled meeting of its Monetary Policy Committee. Repo rate is the key interest rate at which the RBI lends short-term funds to commercial banks. Four out of the six members of the Monetary Policy Committee voted in favour of the move. The announcement came as India entered the third day of a 21-day countrywide lockdown to curb the rapid spread of coronavirus, which has infected nearly 700 in the country.
Here are the RBI chief's top 10 quotes:
Financial stability is the topmost priority of the RBI in this crisis.
The economic outlook globally is uncertain and obviously negative.
Projections of growth depend entirely on the intensity, spread and duration of the Coronavirus.
This kind of uncertainty towards the growth outlook has never ever happened before. This is unprecedented.
The intensity, spread and duration of the coronavirus will determine the state of the global economy.
The government has taken good measures and we must ensure we do all we can to win this battle against the coronavirus.
There are signs that a large part of the global economy may slip into a recession.
It is our duty to preserve financial stability, and contribute towards economic growth.
We must always remember that tough times never last; only tough people and tough institutions do.
Banking system in India safe; deposits safe in private bank; public should not resort to panic withdrawal.
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