RBI to infuse Rs 3.74 lakh cr liquidity into financial system
Mumbai: Reserve Bank Governor Shaktikanta Das on Friday said about Rs 3.74 lakh crore liquidity on aggregate basis will be infused into the financial system to deal with the COVID-19 pandemic.
Financial markets are under stress and require steps by the central bank for market stability and revival of economic growth, he said while announcing the decisions taken by the Monetary Policy Committee (MPC) here.
As part of liquidity infusion measures, he said, the Reserve Bank of India (RBI) will undertake repo operation of up to Rs 1 lakh crore to infuse liquidity into the market.
Further, he announced reduction in cash reserve ratio (CRR) of all banks by 100 bps to 3 per cent from 4 per cent, with effect from March 28 for one year. This is expected to release Rs 1.37 lakh crore liquidity in the market, he said.
CRR is the percentage of deposits that banks have to mandatorily keep with the central bank. RBI last reduced CRR on February, 2013, by 25 basis points.
In all, Rs 3.74 lakh crore liquidity to be injected into system through the measures announced today (Friday), he added. The governor also assured the public that the banking system in India was safe.
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Trump tells Fox News he's no longer sending Witkoff, Kushner to Pakistan for Iran talks
Islamabad (AP): President Donald Trump says he told top US envoys not to travel to Pakistan to negotiate with Iran, telling Fox News that "they can call us anytime they want.”
In a brief phone interview Saturday, Trump told Fox News that he told US negotiators Steve Witkoff and Jared Kushner “you're not going to be making any more 18 hour flights to sit around talking about nothing.”
Trump also said of the US side “we have all the cards.”
His comments came after the White House said Friday that Witkoff and Kushner would be heading to Pakistan for another round of negotiations with Iran.
