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THREAD: RBI Governor Announcements

- MPC met over the last days. CUTS RATES BY 75 BPS
Reverse repo cut by 90 bps to discourage banks to park funds at RBI window
MPC vote 4-2. Difference on quantum of rate cuts
Previous GDP growth forecasts at risk.
Projections of growth and inflation heavily contingent on evolving situation.

MPC refraining from giving growth and inflation forecasts.
OTHER MEASURES - Liquidity
- Conduct TARGETED LTRO of a total amount upto Rs 1 lakh crore at floating rate linked to repo rate
- Liquidity to be deployed in investment grade Corporate bonds.
- Includes secondary market purchases. To be classified as HTM
- Not to be under LEF
WOAH - CRR CUT BY 100 BPS! Welcome back CRR
Total liquidity additions of Rs 3.75 lakh crore across all announcements
OTHER MEASURES - Banking
- Three month moratorium on all term loans
- Working capital - loans deferred for three months
- will not result in asset classification downgrade
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Ira Dugal
@dugalira
RBI Governor: Yes Bank revival the first example of public-private partnership for revival of a financial institute.

Participation of private sector banks signals confidence.
RBI Governor; Depositors are safe. Depositors have never lost money in a scheduled commercial bank.
RBI Governor: Appeal to depositors to stay with Yes Bank. IF required, RBI will provide liquidity support. That should be a comforting factor for depositors.
Read 8 tweets
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Ira Dugal
@dugalira
A short thread on a bunch of consumer finance stories we have done in the past year. The dots, when connected, tell you how the consumer economy is changing. 1/6👇
Unlike earlier generations, this generation does not believe debt is only for assets. It's the new 'working capital' as one banker aptly put it. 2/6

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Where there is demand, there is supply. As youngest look for debt for things other than houses and cars, there is an EMI-scheme for everything from shoes to cosmetic surgery 3/6

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Read 6 tweets
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Ira Dugal
@dugalira
A thread on this Yes Bank-Paytm/ Rana Kapoor potential deal.

1) For the bank (if Paytm is not just buying equity from RK), all is gets is capital. If anyone thinks getting a tech company on board is going to help bank’s revival plan, they are being hopeful at best. 1/6
2. The bank still needs to clean up, strengthen its liability franchise and improve profitability. This plan to use its UPI customer base to sell more loan products is ambitious as even admitted by HDFC Bank. 2/6
3. So for the bank, the relief is capital and only capital. If the deal is between Rana Kapoor and PayTM, then the bank doesn’t even get the capital. 3/6
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