As the current situation amid covid-19 is going out of control, Reserve Bank of India steps up in battle readiness to provide financial aid to revive the economy.
While addressing the nation, RBI Governor Shaktikanta Das said “The devastating speed with which the virus affects has to be matched by swift and wide-ranging actions that are sequenced, calibrated and well-timed so as to reach out to various sections including the most vulnerable”.
He affirmed that RBI will continue to monitor the emerging Covid-19 situation and will deploy all resources and instruments at its order especially for the citizens, business entities, and institutions paralysed by the second wave.
The central bank chief released a term liquidity facility of Rs 50,000 crore for access to emergency health security.
Shaktikantha said that to boost the Covid related healthcare infrastructure in the nation, an on-tap special liquidity facility of Rs 50,000 crore will be provided to the banks at the repo rate with up to 3-year tenor till March 31, 2022, which will now lend upto ₹10 lakh per borrower for small finance banks. The SLTRO (special long-term repo operations) facility will be available till Oct 31, 2021.
The governor also declared SLTRO for small finance banks (SFBs) to be an aid to micro, small and other unorganized sector entities. He said that SFBs will be allowed to lend to small microfinance institutions (MFIs) possessing an asset size of Rs 500 crore.
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