Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday announced an on-tap additional liquidity window for Rs 15,000 crore for contact-intensive sectors.
Under it, banks can provide loans of 3-year tenures to these sectors such as hospitality, bus operators, tourism, salons and aviation ancillary services. Banks can park an equivalent amount with RBI at 25 bps above the reverse repo rate, Das added.
Das also announced a special liquidity facility to SIBDI for further supporting MSMEs, extending liquidity of Rs 16,000 crore.
Meanwhile, the RBI) Monetary Policy Committee (MPC) kept the repo rate unchanged in the second bi-monthly policy meet for the financial year 2021-22.
With no change this time as well, the repo rate currently stands at 4 percent. The reverse repo rate has been maintained at 3.35 percent.
The central bank has left the key rates unchanged for the sixth consecutive time amid uncertainty over the pace of economic recovery amid the second COVID-19 wave.
The MPC voted unanimously to keep policy rates unchanged. The central bank has maintained its policy stance at “accommodative” which could continue for as long as necessary to revive growth.
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