RBI relief package to help sustain businesses during coronavirus: Bankers

The Union Bank CEO said that the RBI's package would help in sustaining business at a time when a 21-day nationwide lockdown to stop the spread of the COVID-19 virus

Will the Reserve Bank of India's (RBI's) relief package for the financial sector lead to an uptick in credit growth?

“Abhi zinda rehna sabse important hai (The most important thing right now is survival),” Union Bank of India's Managing Director and Chief Executive Officer Rajkiran Rai G said.

Rai is confident that there will continue to be demand for credit from the industry, though it may not be for productive investment. “The companies are tight on cash and have halted production because of the lockdown. They will depend on borrowings to meet their expenses, such as paying wages to workers.