In its fight against the Covid-19, the Reserve Bank of India took over 100 measures, both conventional and unconventional, with the aim of being proactive and innovative, while remaining on guard to preserve financial stability.
“We in RBI mobilised on an unprecedented scale and speed to put in place a cross-functional response that ensured the discharge of all our responsibilities and mandates effectively without compromising on the well-being of our employees and their families,” Governor Shaktikanta Das said in a foreword to the compendium on Business Continuity Measures undertaken during the pandemic.
The Central Bank took steps to safeguard the lives and livelihood of the people; insulate the economy and the financial sector; ensure uninterrupted conduct of its crucial functions and maintain business continuity; support its employees, service providers and other stakeholders, the report said.
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It was released on February 17, at the annual conference of the Corporate Strategy and Budget Department of RBI, by Deputy Governor Dr. Michael Debabrata Patra.
During Covid-19, RBI had to continually assess and revalidate its readiness for uninterrupted operations, leverage varied data feed for continuous monitoring, consider the consequences and impacts of its measures, and design and implement rapid but co-ordinated responses across verticals.
This led to the Central Bank undertaking several measures to proactively communicate and reassure the public about the stability and resilience of the financial system, support banks and financial institutions and the economy, create a bio-bubble to keeping payment and settlement and treasury operations running glitch-free, introduce innovative monetary and liquidity instruments, and ensure ensuring adequate availability of currency in the country, it said.
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