Reserve Bank of India: COVID-19 regulatory package
April 1, 2020
In response to the developments surrounding the outbreak of the COVID-19 pandemic and the ensuing disruptions in financial systems, the Reserve Bank of India (“RBI”) released a ‘Statement on Regulatory and Developmental Policies’ (“RBI Statement”) on March 27, 2020. The RBI Statement was closely followed by a circular issued by the RBI (“RBI COVID-19 Circular”; together with the RBI Statement, the “RBI COVID-19 Framework”), also dated March 27, 2020, setting out detailed instructions pursuant to the RBI Statement. Broadly, the approach adopted under the RBI COVID-19 Framework seeks to address the stress on financial conditions by: (a) expanding liquidity in the system; (b) ensuring access to bank credit on easier terms; (c) relaxing repayment pressures in relation to term loans and improving access to working capital; and (d) improving the functioning of markets.
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