Lockdown led to subdued economic activity but saved India from lot of agony: SBI chairman

The SBI Chairman said the nationwide lockdown should only be lifted once the situation is fully under control.

Press Trust of India May 01, 2020 16:38:00 IST
Lockdown led to subdued economic activity but saved India from lot of agony: SBI chairman

Kolkata: The coronavirus-triggered lockdown has saved the country from 'a lot of agony', notwithstanding the subdued economic activity during the period, State Bank of India (SBI) Chairman Rajnish Kumar said on Friday.

He said the nationwide lockdown should only be lifted once the situation is fully 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 top SBI official told PTI.

Lockdown led to subdued economic activity but saved India from lot of agony SBI chairman

File photo of SBI chairman Rajnish Kumar. News18

"I think the lockdown has saved India from a lot of agony and the number of cases is under control," he said.

Kumar said as long as the lockdown continues, economic activity will remain tepid, but "demand should be there in the economy" and the question of logistics can be taken care of.

The SBI chairman also said complete easing of the curbs is still some time away.

"I think we are few days away when the lockdown can be completely lifted. Some states are in a bad shape. It also has to be ensured that the number of green zones across the country increases," he said.

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

"We are getting results, as the recovery rate is more than 25 percent," he added.

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