Monetary policy measures helped de-freeze market & catalyse credit flows: FM Sitharaman

India stressed the role of Finance Ministers and Central Bank Governors of G20 countries in safeguarding the lives and livelihood of people while maintaining macroeconomic stability in a sustainable manner in the backdrop of Covid-19 pandemic. In her intervention at the virtual session of the Second G20 Finance Ministers and Central Bank Governors meeting, Finance Minister Nirmala Sitharaman shared the measures taken by Government of India to provide the vulnerable sections with swift, timely and targeted assistance.

She said, within a couple of weeks, India has disbursed financial assistance amounting to 3.9 billion dollars to more than 320 million people so far. She informed the meeting that the disbursal is being done with a special focus on direct benefit transfer through digital technology so that the exposure of beneficiaries to public places is minimised. She told the finance ministers and central bank governors that India is now reaping benefits of the farsighted measures of financial inclusion which are part of the pioneering reforms carried out by Prime Minister Narendra Modi.