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Nine additional measures announced by RBI

Nine additional measures announced by RBI

The Reserve bank of India (RBI) has announced a set of nine measures to facilitate the flow of finance and preserve financial stability in the times of crisis due to the COVID-19 pandemic.

Key Points:

  • The nine measures are as follows, (i) Refinance Facility to SIDBI extended for another 90 days, (ii) Relaxation of Rules for Foreign Portfolio Investment under Voluntary Retention Route, (iii) Exporters can now Avail Bank Loans for Higher Period, (iv) Loan facility to EXIM Bank, (v) More time for Importers to Pay for Imports, (vi) Extension of Regulatory Measures by another 3 Months, (vii) Provision to convert Interest on Working Capital into Interest Term Loan, (viii) Increase of Group Exposure Limit to Increase Fund Flow to Corporates, (ix) States allowed to borrow more from Consolidated Sinking Fund.
  • The objectives of the measures being announced are, keeping the financial system and financial markets strong, liquid and smoothly functioning, ensuring financial access to everyone, and preservation of financial stability.
  • The uncertainties currently grappling the economy will keep the estimation of GDP growth in 2020-21 in the negative territory and with a small pickup in growth from the second half onwards with dependency on how quickly the curve of COVID19 flattens and begins to moderate.

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