RBI Governor to address media at 10 am today

Reserve Bank of India (RBI) Governor Shaktikanta Das will hold a press conference at 10:00 am today. This is the RBI chief's first address to the media after the government detailed the fiscal and monetary stimulus worth Rs 20.97 lakh crore to support an already-ailing economy against the coronavirus pandemic and the weeks-long lockdown caused by it. Many analysts say the measures announced so far are unlikely to have any meaningful impact soon, and the only way to drive demand may be lowering interest rates to boost consumption.

The country remains in the fourth phase of a nationwide lockdown, with few exceptions, to curb the spread of the COVID-19 crisis, which has pushed the economy into a standstill, hampered businesses and landed thousands jobless.

The RBI cut interest rates by a sharper-than-expected 75 basis points in late March. Markets and economists now expecting at least another 75-100 basis points cuts in the remainder of this fiscal year.