The RBI governor also said that the impact of Covid-19 on India will be limited
Speaking on the move to take control of YES Bank, Reserve Bank of India's (RBI) Governor, Shaktikanta Das said, "The decision is taken at a 'larger level', not at individual entity level, the move is aimed at ensuring safety of financial system." The governor expressed confidence that the YES Bank resolution will be done very swiftly and 30 days has been set as the outer limit. The RBI governor also said that the impact of Covid-19 on India will be limited, but cautioned that certain sectors which depend on China will be impacted due to the epidemic and the mitigatory steps are being taken.
"Impact on India will be limited as the economy is not too integrated with global value chain; and to that extent, we will be insulated," he said. The RBI governor added that global growth may slow down as Covid-19 spreads rapidly. Shaktikanta Das expressed confidence that all central banks will be resolved to work in close coordination. The governor had stated that RBI stands ready to intervene in whatever way required to respond to epidemic challenges.
The coronavirus (Covid-19) outbreak has now spread to more than 78 countries — from South Korea to Italy, Iran, Japan and the United States. At least 11 people have died of Covid-19 in the US while UK reported its first death. A total of 97,873 cases have been reported worldwide and 3,382 people have died of the virus. However, according to reports of the total cases 54,121 cases have recovered from the infection.
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