COVID19 crisis has badly affected the financial risk management of financial institutions. Due to lockdowns, the financial institutions faced liquidity problems on the liability side in terms of mobilizations of deposits, and on the assets sides in terms of recovery and extensions of loans and financing. This greatly hampered the profitability and liquidity to such an extent that the respective central banks had to come forward to save the financial systems from collapsing. A dedicated issue in this area shall explore the liquidity and profitability of the financial institutions alongwith the role of respective central banks. Such studies may include qualitative studies, which are based on expert opinions, and also quantitative studies applying econometric models to establish the relationship between various variables.