Reserve Bank of India (RBI) has indicated that it will take the needed steps to revive economy, build confidence among investors and ensure proper functioning of the financial markets in India. The statement comes in wake of central banks across the world expressing that they will take policy actions to counter the detrimental impact of coronavirus on businesses and global trade.
The RBI in its press statement said, “The Reserve Bank of India is monitoring global and domestic developments closely and continuously and stands ready to take appropriate actions to ensure the orderly functioning of financial markets, maintain market confidence and preserve financial stability.”
Internationally the markets have turned volatile with the spread of coronavirus and businesses cutting off their links with China. The World Health Organisation has meanwhile said that coronavirus has reached a decisive point and has pandemic potential.
With the threat of the disease looming large the union government has placed restrictions on nationals coming from Italy, Iran, South Korea and Japan with immediate effect.
