Addressing a third media briefing in context of Coronavirus related measures in the past two months, Shaktikanta Das - Reserve Bank of India Governor, on Friday, extended moratorium on term loans and working capitals for an additional 3 months period, till 31st August. In view of the lockdown extension and to support the failing economy, RBI slashed the repo rate by 40 basis points to 4% from 4.4% and reverse repo rate to 3.35%.

• It is expected that headline inflation will fall below the RBI's limit of 4% by Q3 and Q4. 

• The GDP growth is all set to remain in the negative category in the year 2020-21.

• EXIM Bank will get an extension for 15,000 crore line of credit. 

• RBI increased the export credit period by 3 months; it stands at 15 months from the previous period of a year.

RBI announced the measures which are divided into four categories: to support export and imports, to improve the functioning of markets, to ease the financial constraints faced by the state governments, to ease financial stress by providing better access to working capital and giving relief on debt servicing.

• India's industrial production fell by 17% in March, core industries' output contracted by 6.5% and manufacturing activity is down by 21%.

• India's foreign exchange reserves as on 15th May, stood at 487 billion US dollars, an increase of 9.2 billion during 2020-21 starting 1st April.

Shaktikanta Das pointed out the efforts and measures are taken by the RBI in the past 2-3 months and said, "RBI is constantly monitoring the COVID-19 situation, in the past 2-3 months we have taken policy measures, we've been proactive in announcing reforms." 

The central bank is ready to combat any future financial discourse in the country to preserve its stability.