RBI Employees Contribute One or More Days' Salary to PM CARES Fund to Fight COVID-19 Economic Crisis, Total Sum Amounts to Rs 7.30 Crore

Mumbai, April 28: With the Indian economy inching closer towards massive economic loss due to coronavirus lockdown, employees of Reserve Bank of India (RBI) on Tuesday decided to contribute one or more days' salary to the PM CARES Fund. The total amount deposited and donated by the RBI employees has mounted to Rs 7.30 crore, which is now being remitted to the PM CARES Fund.

Informing about the latest development, RBI sid in a statement, as quoted by news agency ANI, "Employees of Reserve Bank of India (RBI) have decided to contribute one or more days' salary to the PM CARES Fund. The total contribution from the employees amounting to Rs 7.30 crore is being remitted to the PM CARES Fund." RBI Governor Shaktikanta Das Says Banks Can Decide on Offering 3-Month Moratorium to NBFCs.

Here's the ANI tweet:

Earlier on Monday, RBI Governor Shaktikanta Das said that the decision to extend the three-month moratorium benefit on March 27 to the Non-Banking Finance Companies (NBFCs) is entirely up to banks. Das of the opinion that each bank has to assess its own liquidity position, capital adequacy and its own financials.

It is to be known that Indian Banks Association held a meeting regarding the solution of the issue, however, couldn't reach a consensus on the matter. Since State Bank of India stated clearly not to extend moratorium benefit to NBFC, other banks are in a flux. Meanwhile, NBFCs unable to get relief from their lender-banks and markets are facing liquidity mismatches.

In the meantime, Asian Development Bank (ADB) on Tuesday said it has approved USD 1.5 billion loan to India to help fund its fight against coronavirus pandemic. The loan has been sanctioned with a view to support immediate priorities such as disease containment and prevention, as well as social protection for the poor and economically vulnerable sections.

(The above story first appeared on LatestLY on Apr 28, 2020 04:43 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).