The speech comes amid a ferocious second wave of COVID-19 cases in India. Many states have introduced lockdowns and other COVID-induced restrictions, which could hurt the economy.
The Reserve Bank of India (RBI) on Wednesday announced Rs 50,000 crore term liquidity for ramping up Covid-related healthcare infrastructure and services till 2022 in the backdrop of the second wave of the pandemic sweeping across India.
RBI Governor Shaktikanta Das said that under the scheme, banks can provide fresh lending support to entities like vaccine manufacturers, importers and suppliers of vaccines, hospitals, dispensaries, logistic firms and patients.
Making an unscheduled speech on Wednesday, RBI governor Shaktikanta Das said the Covid-19 pandemic has reversed the economic situation in India, with the country witnessing a shift from strong economic recovery to facing a fresh crisis.
Das said RBI will continue to monitor the ongoing situation and deploy all resources to fight the virus. He further added that a normal monsoon forecast should help contain food price inflation.