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Will ‘greatly improve credit supply, help poor’: PM Modi lauds RBI measures to combat COVID-19



Prime Minister Narendra Modi on Friday lauded the Reserve Bank of India (RBI) for its “proactive” measures to curb the disastrous impact of Coronavirus on economy.

Praising the apex bank, PM Modi said today’s announcements by RBI will “greatly enhance liquidity and improve credit supply”.

He added that these steps would help India’s small businesses, MSMEs, farmers and the poor and also states by increasing WMA limits.

Amid the crisis, the RBI has slashed the reverse repo rate by 25 basis points to 3.75 per cent from 4 per cent due to the Coronavirus-related economic challenges.

RBI Governor Shaktikanta Das, in his briefing, announced relief measures to maintain adequate liquidity in system, facilitate bank credit flow and ease financial stress.

Making a slew of announcement to ease the pressure on financial sector, Governor Das said that the 90-day norm will not apply on moratorium granted on existing loans by banks.

Das has asked banks to “not declare dividends until further notice.” He said that the LCR requirement for banks have been brought down to 80 per cent from 100 per cent with immediate effect in view of the economic crisis.

“Loans given by NBFCs to commercial real estate to get some relief. This is to ease NBFCs and the real estate sector. New measures shall be announced as and when need arises,” he said.

With regard to other measures, Das said RBI will begin with giving an additional Rs 50,000 crore through targeted long-term repo operation (TLTRO) to be undertaken in tranches.

Besides, he announced a re-financing window of Rs 50,000 crore for financial institutions like Nabard, National Housing Bank and Sidbi.

“This TLTRO amount can be stepped up as necessary to ensure various segments of the market (NBFCs MFIs etc) get enough liquidity.”

He further said surplus liquidity in the banking system has increased substantially as result of central bank’s actions.

Das said that RBI’s liquidity injection has been at 3.2 per cent of GDP since February 6 to March 27, 2020. “Systemic liquidity surplus averaged at Rs 4.36 lakh crore as of March-end 2020,” he said.

The RBI governor further cited the International Monetary Fund’s (IMF) global growth projections revealing that in 2020, the global economy is expected to plunge into the worst recession since ‘The Great Depression’.

The IMF has, however, India will continue to grow at 1.9 per cent during the current fiscal year.

“India is among the handful of countries that is projected to cling on, somewhat tenuously, to positive growth rate of 1.9 per cent. This is the highest growth rate among the G-20 economies as estimated by the International Monetary Fund (IMF),” Shaktikanta Das said at the video conference.

The RBI Governor’s address comes a day after PM Modi met Finance Minister Nirmala Sitharaman to discuss economic situation in the country following the lockdown due to Coronavirus pandemic.



Traffic chaos in Delhi as marshals struggle to control heavy vehicles on Ashram flyover



Representational Image | Image Courtesy : Paramjit Dhillon @Paramjitdhillon (Twitter)

Delhi, India – Chaos ensues as the Ashram Flyover becomes a traffic nightmare for commuters in the city. But fear not, as a group of marshals has been deployed to restore order and bring some sense to the madness.

The Ashram Flyover, a major artery in the bustling metropolis of Delhi, has been a headache for commuters for quite some time now. The flyover, which connects the city’s south and central areas, sees heavy traffic congestion during peak hours, causing long delays and frayed nerves.

But things have taken a spicy turn as marshals have been brought in to keep things under control. These marshals, donning bright green jackets, have been tasked with managing the traffic flow, ensuring that vehicles move smoothly and without incident.

The marshals have their work cut out for them, as the chaos on the flyover seems to have no end in sight. The heavy traffic, coupled with the city’s notorious lack of lane discipline, has resulted in a free-for-all on the flyover, with vehicles jostling for space and tempers flaring.

But the marshals are undeterred. Armed with whistles and hand signals, they are determined to bring some order to the chaos. And their efforts seem to be paying off, as traffic has started moving more smoothly, and the honking and shouting have reduced considerably.

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Raahgiri Day is Back: Take Back CP Streets and Reclaim Your Sunday Morning!



Representative Image | Source : Wikimedia

The New Delhi Municipal Council (NDMC) has decided to re-launch the ‘Raahgiri Days’ programme in Connaught Place from Sunday, with a focus on sustainable mobility, under the G20 theme. This theme is an invitation for action to make sustainable and secure cities, and the Raahgiri Day completely synchronizes with this goal, said a NDMC official.

Raahgiri Day is an idea that started in 2013 and is an auto-free citizens’ effort that promotes safe, open and comprehensive public streets where individuals can walk to close by markets and kids can walk to close by schools securely.

This will be the initial installment of a progression of Raahgiri Days to be facilitated at Connaught Place post the Covid-19 pandemic. It will be held as a part of Delhi Police Week (February 16-22) under the topic of street security, including center on walkability and ladies’ security. During these occasions, the Connaught Place market zone will be changed into a vehicle free zone, permitting inhabitants to partake in an assortment of exercises, including yoga classes, Zumba, games zones, music, move and even instructive programmes on different points like street security.

Officials from the NDMC (New Delhi Municipal Council) asserted that the Raahgiri Day is an initiative to make people aware of the fact that roads and streets are not just meant for vehicles. It is a means to reclaim public spaces and use them for leisure activities as a community. On February 19, the Raahgiri Day will be relaunched at Connaught Place and all Delhi citizens are encouraged to be a part of it. A senior official expressed that this is a chance to make a positive impact on our society and relish the roads in a different way while also encouraging the formation of a safer, more sustainable and walkable city. This event is being organised in collaboration with Delhi Police and other organisations.

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Delhi Police rescue girl who jumped off Signature Bridge into Yamuna



Image Source: ANI

The Delhi Police, led by Assistant Sub Inspector (ASI) Parvinder, took immediate action as soon as they were informed that a 17-year-old girl had jumped into the Yamuna river from the Signature Bridge in the national capital on Tuesday night, reportedly due to a quarrel with her father.

The Station House Officer (SHO) Tribhuvan Singh Negi of Timarpur police station, along with a team of more than half a dozen police personnel, began the rescue operation with the help of divers and managed to save the schoolgirl, who is a resident of Wazirabad, within 45-50 minutes. The girl was later handed over to her family.

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