Improved Monetary Policy transmission; Repo Rate cut by 115 BPS: Survey
By IANS |
Published on
Fri, Jan 29 2021 17:12 IST |
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New Delhi, Jan. Jan 29 : Monetary policy was significantly eased from March 2020 onwards owing to the unprecedented Covid-19 pandemic and remained accommodative in 2020, said the Economic Survey 2020-21.
The Economic Survey observed the repo rate has been cut by 115 bps since March 2020, with 75 bps cut in first Monetary Policy Committee (MPC) meeting in March 2020 and 40 bps cut in second meeting in May 2020.
Also, Systemic liquidity in 2020-21 remained in surplus while RBI undertook various conventional and unconventional measures to manage liquidity situation in the economy.
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FAIRFAX, VA / ACCESSWIRE / January 29, 2021 / The Freedom Bank of Virginia (OTCQX:FDVA), (the Bank or Freedom ) today announced net income of $2,413,775, or $0.33 per diluted share, for the three months ended December 31, 2020. This compares to net income of $2,575,370 or $0.35 per diluted share, for the prior quarter and net income of $747,808 or $0.10 per diluted share for the three months ending December 31, 2019. The Bank reported net income of $7,364,476 or $1.01 per diluted share for the full year 2020 compared to net income of $2,705,217 or $0.37 per diluted share for the full year 2019.
Joseph J. Thomas, President and CEO, commented, I am very proud of my colleagues at Freedom who delivered exceptional outcomes for clients in 2020 during the challenging national health and economic environment crisis and in the process enabled our company to produce record financial results. The Bank increased full year 2020 net income by 172.23% to $7.36 million, increased resident
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The Economic Survey 2020-21 was presented by the Union Finance Minister Nirmala Sitharaman in Parliament on Friday. The survey said this engendered the recent banking crisis that brought down investment rates and thereby economic growth in the country. The first lesson for policymakers is to treat emergency measures as such and not to extend them even after recovery: when an emergency medicine becomes a staple diet, it can be counterproductive , the survey said. The current regulatory forbearance on bank loans has been necessitated by the Covid pandemic. Among the measures, the survey has suggested that forbearance should be accompanied by restrictions on zombie lending to ensure a healthy borrowing culture.
Provided by Accesswire
Jan 29, 2021 1:30 PM UTC
FAIRFAX, VA / ACCESSWIRE / January 29, 2021 / The Freedom Bank of Virginia (OTCQX:FDVA), (the Bank or Freedom ) today announced net income of $2,413,775, or $0.33 per diluted share, for the three months ended December 31, 2020. This compares to net income of $2,575,370 or $0.35 per diluted share, for the prior quarter and net income of $747,808 or $0.10 per diluted share for the three months ending December 31, 2019. The Bank reported net income of $7,364,476 or $1.01 per diluted share for the full year 2020 compared to net income of $2,705,217 or $0.37 per diluted share for the full year 2019.
Joseph J. Thomas, President and CEO, commented, I am very proud of my colleagues at Freedom who delivered exceptional outcomes for clients in 2020 during the challenging national health and economic environment crisis and in the process enabled our company to produce record financial results. The Bank increased full yea