Government Will Get Support From Rbi's New Announcement In Saving The Economy

Government Will Get Support From RBI’s New Announcement In Saving The Economy

Modi News

RBI is also fully supporting the efforts of the government in fighting the manner in which COVID-19 has presented challenges before the country’s economy.

RBI Made Arrangements To Serve 1 Lakh Crore

Three weeks ago, on March 27, 2020, the RBI came back once again on Friday after the announcement of increasing the adequate availability of funds in the system by presenting monetary policy ahead of time and announced several measures to build confidence in the industry and financial institutions. is. RBI has made arrangements to provide funds of one lakh crore rupees directly into the system through two measures. At the same time, rules have also been made easier for financial institutions to give relief from the current crisis. RBI Governor Dr. Shaktikanta Das also assured that the central bank is monitoring the entire situation and further steps will be taken as per requirement.

Also Read- Fight From Coronavirus In UP: Clear Instructions By Yogi Adityanath

RBI Helps Large Financial Institutions

RBI has made arrangements to raise additional resources of Rs 50,000 crore for the country’s three big financial institutions National Housing Bank (NHB), NABARD and SIDBI. Of this, an amount of Rs 25 thousand crore will be made available to NABARD. With this amount, NABARD will give more loans to Regional Rural Banks and other financial institutions providing funds in rural areas. While an amount of 15 thousand crore rupees has been given to SIDBI. SIDBI plays an important role in disbursing loans to medium and small enterprises of the country. 10 thousand crore rupees have been given to NHB, which will use this amount to facilitate refinancing in the residential sector. RBI Governor says that this resource will remove the financial constraints of a large industrial sector, which is suffering from COVID-19.

RBI To Prefer Medium And Small Enterprises

RBI announced the second phase of Long Term Repo Operation (LTRO), has made a separate arrangement of Rs 50,000 crore. LTRO is a means of providing additional resources to institutions under which funds are made available to banks at a repo rate for a period of one to three years. This arrangement has been done for the last few weeks, but RBI says that most of this fund is being used by public sector banks or big corporate houses. The announcement made on Friday is about giving preference to medium and small enterprises. It is worth mentioning that small and medium industries were already having difficulty in getting loans easily from COVID-19. The problem has increased after the COVID-19 epidemic. It is expected that the announcement of the central bank will change the situation.

RBI Announced Relief Package To Commercial Banks

The RBI has also announced a relief for commercial banks. These banks were under tremendous pressure to pay dividends from their profits at the end of the financial year. The central bank has said that there will be no need to pay any additional dividends from the profit during the financial year ended March 2020. The rules in this regard will be reviewed after September 30, 2020. For this purpose, the bank has reduced the rate of interest payable on reverse repo rate from 4 percent to 3.75 percent.

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