RBI central board discusses current economic situation, COVID-19 challenges

Mumbai: Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday briefed the board members about the impact of the various monetary and regulatory measures taken by the central bank to deal with the COVID-19 crisis.

Besides other things, the RBI's central board discussed the current macroeconomic situation and evolving challenges being posed by the coronavirus pandemic, the RBI said in a release after the meeting that was held through video-conferencing.

"At the outset, the governor and deputy governors briefed the board about the overall macroeconomic conditions -- both domestic and global; 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 RBI said in a statement.

The board also deliberated on the current economic situation and the evolving challenges posed by the pandemic.

Among others, it also discussed the RBI'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 RBI had taken a host of steps, including reduction in the key policy rate and measures to support the industry, to deal with the impact of the outbreak of COVID pandemic.

Deputy governors B P Kanungo, Mahesh Kumar Jain and Michael Debabrata Patra and other directors of the central board, and secretaries in the Union finance ministry also attended the meeting.

It was the 583rd meeting of the central board of the RBI.