SBI: Shutdown led to dampened economic activity but saved India from much pain: SBI chairman

KOLKATA: Coronavirus-triggered Lockdown you have saved the country from “much pain” despite the subdued economic activity in the period State Bank of India (SBI) Chairman Rajnish Kumar said it on Friday.

He said the nationwide shutdown should only be lifted when the situation is completely under control.

“More patience is required. We cannot lower the guard without being confident that we are in complete control of the situation and the spread of the virus is fully contained,” the senior SBI official told PTI.

“I think the shutdown has saved India from a lot of anguish and the number of cases is under control,” he said.

Kumar said as long as the shutdown continues, economic activity will remain sluggish, but “demand must be there in the economy” and the issue of logistics can be addressed.

The SBI chairman also said that complete relief of the curb is still some time away.

“I think we are a few days away when the lockdown can be completely lifted. Some states are in a bad shape. It must also be ensured that the number of green zones across the country is increasing,” he said.

Kumar said if people continue to maintain discipline during the shutdown, the curve can be flattened quickly and an exponential increase in the number of coronavirus cases prevented.

“We are getting results as the recovery rate is more than 25 percent,” I added.

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