RBI Covid Measures: Asserting that he has faith In India’s ability to come out of Covid-19 crisis, Das said that the RBI is analysing the impact of Covid second wave impact on Indian Economy.
New Delhi: Reserve Bank of India (RBI) today announced a number of economic measures to tackle the second wave of Covid pandemic that is grappling India presently. RBI Governor Shaktikanta Das has said that a comprehensive targeted policy is required to tackle the crisis. Asserting that he has faith in India’s ability to come out of Covid-19 crisis, Das said that RBI is analysing the impact of Covid second wave impact on Indian Economy.
RBI governor Das said in India’s fight against second wave of COVID-19, the Reserve Bank of India proposed to take further measures. India’s central bank has announced a term Liquidity facility of Rs 50,000 crore to ease access to emergency health services.
Here Are Key Highlights From RBI Governor Shaktikanta Das’s Announcements
- Reserve Bank of India has permitted use of limited KYC to till December 1, 2021.
- RBI has re-opened one-time restructuring for individuals, MSMEs. Now individuals and MSMEs borrowers are permitted one-time restructuring till September 30, 2021.
- RBI has announced that as part of restructuring 1.0, the period of moratorium can be extended up to a total of 2 years.
- RBI Governor Shatikanta Das has said that small finance banks are allowed to on-lend to smaller microfinance institutions of asset size up to Rs 500 crore.
- The Central bank has also announced targeted long-term repo operation for small finance banks of up to Rs 10,000 crore.
- RBI has also permitted state governments to remain in overdraft for a maximum of 50 days. Prior to the announcements, the tenure was 36 days.
- Reserve Bank of India has also extended the number of consecutive overdraft days from existing 14 days to 21 days.
- RBI will now have second purchase of government securities of Rs 35,000 crore under G-SAP 1.0 conducted on May 20.
