SC's direction came after the Finance Ministry agreed to waive compound interest charged on loans of up to Rs 2 crore for six-month moratorium period announced due to the pandemic.
Addressing a conclave virtually, RBI Governor Das said times were uncertain and the central bank does not have the luxury of predicting a growth number and then changing it often.
Addressing concerns about a possible spike in bad loans after repayment freeze, RBI Governor Das said banks will be able to extend or provide a new moratorium under the new plan.
CPI-based inflation has remained over 6% for last 2 quarters. With NPAs also expected to rise significantly, RBI could focus on financial stability this time.
In an address to the CII, Das stressed the need for alternative sources of infra financing, and pushed for early completion of FTAs with US, UK and EU.
The pandemic is the biggest test of the economic and financial system's resilience and robustness, Das said, adding that RBI has asked banks to conduct Covid stress tests.
Bihar is blessed with a land more fertile for revolutions than any in India. Why has it fallen so far behind then? Constant obsession with politics is at the root of its destruction.
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