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“It’s very important to have as much information about the issue as possible. We have to start thinking about starting people’s livelihoods, and it has to be sequenced. The reopening is not just about office, it is also about following social distancing on the way to and coming back from your workplace,” Dr Rajan said while speaking to Congress leader Rahul Gandhi on a video dialogue.

“Second or third lockdown will be devastating. It does diminish our credibility. We don’t have to aim for 100 per cent success – it is not possible too – we have to manage the reopening,” Dr Rajan added.

The dialogue with Rajan was first in the series that Gandhi plans to hold with public intellectuals. It included a detailed discussion on the state of the economy and how to revive it in the midst of the coronavirus pandemic.

“To really be confident about reopening up of economy, you have to triple up the number of tests which is currently happening in India. You have to have about a million tests, if you want a confidence like the United States,” Dr Rajan added.

The dialogue was pre-recorded and disseminated by the Congress on social media.

A slew of changes in the Congress party has recently been interpreted by many party leaders as a sign of Gandhi’s return to presidency. Most recently, Congress interim chief Sonia Gandhi constituted an 11-member consultative group under former Prime Minister Manmohan Singh’s leadership to deliberate on matters related to the Covid-19 pandemic and to formulate the party’s views on them.

The group also includes Rahul Gandhi, Randeep Singh Surjewala, KC Venugopal, P Chidambaram, Manish Tewari, Jairam Ramesh, Praveen Chakravarty, Gaurav Vallabh, Supriya Shrinate and Rohan Gupta. This is the first time Rahul Gandhi has become a member of a party panel since he stepped down as the Congress chief last year. The group has been holding extensive meetings and offering suggestions to the Prime Minister Narendra Modi-led government on how to address the Covid-19 crisis

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-RBI will monitor evolving situation continuously, use all its tool to deal with pandemic fallout.
-Loans given by NBFCs to real estate companies to get similar benefit as given by scheduled commercial banks.
-LCR requirement of banks brought down to 80% from 100%; to be restored in phases by April next year:
-Inflation is on a declining trajectory, could recede even further:
-Banks shall not make any dividend payments until further orders:
-NPA classification for banks will exclude the moratorium period:
-Economic activities have come to a standstill during lockdown:
– ₹50,000 crore special finance facility to be provided to financial institutions such as Nabard, Sidbi,
-No change in repo rate which is decided by MPC:
-Reverse repo rate cut by 25 bps to 3.75%.
New measures aimed at maintaining adequate liquidity in system, facilitate bank credit flow, ease financial stress.
-TLTRO 2.0 operations of ₹50,000 crore will be conducted.
-To maintain adequate liquidity in the system, we have decided to take additional measures.
-Redemption pressures faced by some mutual funds have moderated.
-Automobile production, sales declined sharply in March; electricity demand has fallen sharply.
-Covid-19 impact is not captured in IIP data for Feb.
-ATM operations stood at 91%, no downtime on internet and mobile banking: RBI
-India is expected to post sharp turnaround in 2021-22, says RBI Governor quoting IMF projection.
-IMF projection of 1.9% GDP growth for India is highest in G20, says RBI Governor Shaktikanta Das

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1. Repo rate reduced by 75 basis points to 4.4%
2. Rev repo reduced by 90 basis points to 4%
3. GDP growth for Q4 19-20 and FY 20-21 to be affected
4. Aggregate demand may weaken
5. Future outlook uncertain and negative
6. CRR reduced by 100 basis points to 3% for 1 year to release 1.37 lakh crores
7. Min daily CRR balance reduced from 90% – 80% till 30/06/2020
8. 3.74 lakh crore liquidity injected
9. 3 month moratorium on payment of instalments of Term Loan outstanding
10. Interest on WC facilities to be deferred by 3 months
11. Such deferment not to be considered for NPA
12. Revised DP calculations by reassessing WC cycle
13. All measures not to effect credit history
14. Total liquidity injection 3.4% of GDP

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Twenty-two MLAs of Congress have submitted their resignations pushing the 15-month-old Kamal Nath government to the brink of collapse.

Of these, the Speaker has accepted resignations of six MLAs.

“I can appreciate your concern for the security of the missing MLAs in view of their absence from the House as mentioned in your letter dated March 17, 2020. I can also guess the kind of pain you are undergoing since last 8-10 days in view of the above,” Mr Tandon wrote, referring to a letter sent to him by the Speaker.

“Although there is no mention of efforts made by you to know about these members, I believe that you must have taken adequate efforts for it,” he said.

“As far as accepting resignation of honourable members is concerned, I can praise your impartial and courageous decision to accept the resignation of six out of 22 members very soon. As the Speaker, you must be well aware of the legal procedure to accept the resignation of any member or what action needed to be taken when the members are absent without any information despite knowing about the session,” the governor wrote.

“However, I can also feel your dilemma in disposing of these MLAs’ resignation,” he added.
Regarding the missing MLAs, Mr Tandon said they have been constantly writing to him and the Speaker but in none of their letters have they mentioned where they are at present. They have not mentioned any problems on their own, he added.

“Their letters and videos are also constantly getting highlighted in newspapers, electronic and social media and now they have also reached the Supreme Court,” Mr Tandon said.

“In the last paragraph of your letter, you have demanded security for the MLAs. It is the duty of the executive to ensure the security of each and every citizen of the state and I am sure, you also wanted the same from it only, but, it appears that you have erroneously sent it to me,” the governor wrote.

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The Governor Shri Koshari accepted the first copy of the magazine “Inclusion” published by the Center for Economic and Social Inclusion in Raj Bhavan, here today in Mumbai, saying that there is a need to bring good people forward in the society and especially those who are social and Contribute to economic development. The Governor also said that Marathi-speaking people have played a major role in the development of journalism. Bhartiya Janata Party (BJP) General Minister Amarjeet Mishra, CA Shravan Kumar, economic expert Girish Aswani and journalists Sandeep Sonawalkar and Manoj Khadilkar were present on the occasion.

The purpose of ‘Inclusion’ magazine is to provide a platform to those who are constantly striving for change in the society. The first issue is interesting, which involves talking to senior officer RA Rajeev, who is laying the network of the metro in Mumbai, reviewing the book written on senior police officer Manoj Sharma, the story of the struggle of Miss Deaf Asia Nishtha Dudeja, and research based economic and social articles have been written.

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Maharashtra MoS Abdul Sattar, who is the lone Muslim face in Shiv Sena, is apparently disgruntled after being allocated a junior ministry in the NCP-Sena-Congress government and resigned.

Abdul Sattar was sworn in as MoS in the recent portfolio distribution in Ashok Chavan, Aaditya Thackeray and others were sworn in as Cabinet ministers.

Abdul Sattar had joined Shiv Sena before the 2019 elections and won the Sillod seat in Aurangabad.

However sources have also said, CM Uddhav Thackeray’s office hasn’t received Sattar’s resignation yet. He apparently is said to have sent his resignation letter to party secretary Anil Desai.

On the other hand, IANS has reported that while Abdul Sattar has threatened to quit, Shiv Sena and the Thackeray family has refuted the claims.

“This is not correct. He has not resigned, nor submitted any such resignation letter to me or anybody else in the party,” Sena Rajya Sabha MP Anil Desai told IANS, dismissing the reports of his resignation as “imagination”.

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The central bank announced Thursday it will buy longer-dated debt and simultaneously sell shorter maturity notes in a concept similar to Operation Twist used by the U.S. Fed in 2011-12. The move is aimed at bringing down the soaring cost of borrowing, or term premia — the difference between the benchmark 10-year yields and the central bank’s policy rate.

The new tool is part of the broader measures put in place by the RBI to bolster rate transmission after banks failed to fully pass on its 135 basis points of policy easing since February. The central bank has separately prodded banks to peg part of their loan books to external benchmarks such as treasury bills and the repurchase rate, and pumped in billions of dollars to keep liquidity in surplus in the banking system.

The policy easing cycle this year saw Das and his rate-setting panel deliver a rare 35 basis-point cut in August. The governor had then termed the move as neither “excessive” nor “inadequate.”

“Governor Das and his team are evidently open to experimenting with unconventional policy instruments,” said Saugata Bhattacharya, chief economist at Axis Bank Ltd. This is the “optimal approach” given the uncertain response from banks despite an environment of huge surplus liquidity, and yet stubbornly high credit costs.

Earlier this month, the six-member Monetary Policy Committee surprised markets by deciding to hold the repo rate steady at 5.15%, citing high inflation. The MPC, headed by Das, preferred to wait and watch for the previous rate cuts to trickle through before easing further.

“More steps are likely to smoothen the liquidity and credit premia aspects of the lending rates to hasten the pass-through of an easy monetary policy,” Radhika Rao and Eugene Leow, analysts at DBS Bank Ltd. in Singapore, wrote in a note.

Forex Swaps

Das has tried unconventional methods to manage liquidity before.

When the markets faced a cash shortfall in March, the RBI chose to do forex swaps instead of its traditional bond purchases.

It announced two swaps of $5 billion each in March and April, both of which were fully subscribed. By doing this, the RBI managed to tackle two issues: inject rupee liquidity and bring down elevated forward premia rates and reduce hedging costs.

Unlike his predecessor Urjit Patel, Das is known for widespread consultations with market participants.

Some in the market had suggested ‘Operation Twist’ as a way to pass on more of the central bank’s five rate cuts to businesses and individual borrowers. With investment and consumption weak in India, Das hasn’t dithered about measures to spur credit and lift economic growth from a six-year low.

“Unconventional problems require unconventional measures,” said Sandeep Bagla, associate director at Trust Capital Services India. “Generally, central bankers have limited influence on the longer end of the curve, which is determined more by the inflation and fiscal dynamics. But in the short run, the RBI intervention can help to reduce the steepness.”

Not all are convinced about the effectiveness of the move. A central bank experiments with such maneuvers only after extinguishing conventional monetary policy options, according to a note by ICICI Securities Primary Dealership. There could be adverse unintended consequences if the RBI adopts these measures, it said.

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I have received a letter jointly signed by CONG ,NCP ans SHIVSENA CLP leaders nomination you as leader of maha vikas agadhi . I have noted MVA has support of 162 MLAs which is more than most. I invite you to take oath as CM OF MAHARASHTRA ON 28th nov at 5 pm.

Yesterday MVA elected UDDHAV THAKREY AND THEN Shiv Sena-NCP-Congress combine’s chief ministerial candidate Uddhav Thackeray reaches Raj Bhavan and stakes claim to government formation. 

Addressing a gathering of the Maha-Vikas Aghadi at Mumbai’s Trident Hotel, Sene chief Uddhav Thackeray hit out at the BJP for not about their alliance. “I’m ready to answer all questions raised by Devendra Fadnavis. I am not scared of anything. Lies are not part of Hindutva.”

He also accussed the BJP of turning to the Shiv Sena when required and discarding the alliance when not suited to the party. 

Uddhav Bal Thackeray (born 27 July 1960) will be 19th and  Chief Minister of Maharashtra and the President of the Shiv Sena. He is the son of Shiv Sena founder Bal Thackeray.he was appointed as the party working president in January 2003. After Balasaheb death he became party chief . 

Uddhav Thackeray said that he will make Maharashtra into the state envisioned by Chhatrapati Shivaji Maharaj. He also thanked Sonia Gandhi for making it possible for him to become the chief minister. “I had never dreamed of leading the state. I would like to thank Sonia Gandhi and others. We are giving a new direction to country by keeping faith in each other,” he said.

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