RBI Has Infused Rs. 1.2cr New Notes in The Market Amidst Coronavirus Lockdown

The coronavirus epidemic has become an obstacle to all economic activities. People are quarantined at their homes with no work. Many jobs of people after the lockdown are uncertain. Unemployment and no source of income are questions looming large on almost every employed person. People running businesses are clueless as to when they can start work and are expecting huge losses in 3-4 months after the lockdown. 

1.2cr new notes in the market

In such a background, the Reserve Bank has introduced Rs 1.2 crore new notes in the market in the last 45 days after the corona virus epidemic started. Reserve Bank Governor Shaktikanta Das gave this information on Friday. He said that business representatives and ATM machines delivering banking services in remote areas are functioning at full capacity to reach financial services to everyone.

Das has given this information at a time when there are reports of a jump of 86 thousand crores in cash transactions in March. “In view of the growing demand in the wake of the corona virus epidemic, the regional offices of the Reserve Bank of India have introduced new currency of 1.2 lakh crores  across the country from March 1 to April 14,” Das told on social media via video.

He appreciated the banks for providing services at such an occasion and for continuously transferring money to ATMs even after the challenges of commuting. He said that internet or mobile banking has never slowed down during this period. The Governor of the Reserve Bank said that 150 officials of the Reserve Bank have been separated (quarantined) and they are taking care of the cash flow, wholesale and retail payment and settlement system.

Earlier measures taken by RBI

RBI has also taken other measures to maintain financial stability. After the three-day meeting which ended on March 27, RBI decided to cut the repo rate by 0.75 per cent to 4.40 per cent and reverse repo rate by 0.90 per cent to 4 per cent. According to details released by the Reserve Bank on Monday of this meeting, Das said that the global macroeconomic situation has suddenly deteriorated in the last fortnight. 

Covid-19 an unseen killer

He governor said that, “Covid-19 is an invisible killer, which needs to be controlled before it can wreak havoc on human life and the destroy economy.” He said, “In this scenario it is important to ensure that finance, which is the lifeline of the economy, flows seamlessly across different sectors of the economy.” “In such a situation, the Reserve Bank will be vigilant and not hesitate to use any tool, be it conventional or unconventional, to reduce the impact of Covid-19 and restore growth and maintain financial stability,” he said.

In India cases rise to 15,712; death toll rises to 507

According to data, the number of Covid-19 infected people worldwide has crossed 2 million. So far, the epidemic has killed 1,44,000 people worldwide. America is most affected by this. It has killed 35,000 people in the US and infected over 7,00,000 people. 

Since the total of 1063 new cases reported in India in the last 24 hours, the number of people infected with the Covid-19 epidemic, including foreign nationals, has increased to 15,712 by Sunday morning in the country. The Ministry of Health has given information about this. The Ministry of Health, presenting the latest data in the morning said that a total of 12,969 Covid-19 are currently infected with the pandemic. A total of 2,232 patients who have recovered fully after treatment have been discharged from the hospital, while 507 people have died due to the epidemic