Finance Minister Nirmala Sitharaman has said that the Corporate Affairs Secretary held a meeting with representatives of the Confederation of Indian Industry (CII), FICCI, ASSOCHAM and PHD Chamber and listened to their concerns. According to reports, the Finance Ministry will continue to operate based on the input from the industry. The government has spoken to various industry boards at a time when the government has taken a number of measures this week for the loss caused by the lockdown. While the Finance Ministry has announced a package of over Rs 1.70 lakh crore. On the other hand, the central bank has also come forward to handle the situation.
RBI Governor Shaktikanta Das, while addressing the media yesterday, said that in the event of crisis arising due to coronavirus, the Central Bank’s Monetary Policy Committee meeting was held on 25-27 March. During this, the MPC announced a drastic reduction of 0.75 percent in the repo rate. Apart from this, a reduction of 0.90 percent in the reverse repo rate was announced. Also, the CRR exemption for banks was also announced by the central bank.
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