Ready to take action for smooth functioning of markets: RBI on Coronavirus

The apex bank says it is closely monitoring global and domestic developments continuously

In the wake of the volatility in the financial markets due to COVID-19, the Reserve Bank of India today said that it is ready to take appropriate action to ensure orderly functioning of financial market, maintain confidence and preserve financial stability. The apex bank added that it is closely monitoring global and domestic developments continuously.

Globally, financial markets have been quite volatile, with the spread of coronavirus triggering risk-off sentiments and flight to safe havens. The spillover to the financial markets in India has largely been contained, RBI said in its statement.  

Growing hopes of coordinated policy action to mitigate broader fallout