RBI announces Rs 50,000 crore priority lending by banks for hospitals, oxygen suppliers, vaccine importers by March 31 next year

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RBI announces Rs 50,000 crore priority lending by banks for hospitals, oxygen suppliers, vaccine importers, Covid drugs by March 31 next year

Mumbai, May 5

The Reserve Baank of India (RBI) on Wednesday said the second purchase of government securities worth Rs 35,000 crore under the G-sec Acquisition Programme (G-SAP 1.0) would be done on May 20 for an orderly evolution of the yield curve as a fresh Covid wave threatens to hit the economy.

The first purchase of Rs 25,000 crore last month received enthusiastic response from the market, RBI Governor Shaktikanta Das said while announcing a slew of measures to provide relief to various segments of economy hit by the second wave of the pandemic.

The RBI will do second purchase of government securities (G-secs) aggregating Rs 35,000 crore in two weeks, he said.

To provide clarity on its bond-buying programme through open market operations (OMO), Das had announced Rs 1 lakh crore target for the first quarter under the new instrument called G-SAP 1.0.

On the rate of price rise, he said food and fuel inflation had pushed core inflation.

Expected normal monsoon forecast should help contain food price inflation, he added.

The RBI Governor, in an unscheduled announcement, said the central bank would continue to monitor the situation from resurgence of Covid cases and deploy all resources.

 “We have to marshal our resources for fighting the virus with vigour,” he added. PTI

Highlights

*RBI Governor says situation has reversed from being on foothills of strong economic recovery to facing a fresh crisis.

*RBI to continue to monitor situation from resurgence of Covid cases; deploy all resources: RBI Governor in unscheduled announcement.

*We have to marshal our resources for fighting the virus with vigour, says RBI Governor.

*RBI Governor says normal monsoon forecast should help contain food price inflation.

*RBI Guv announces Rs 50,000 crore priority lending by banks for hospitals, oxygen suppliers, vaccine importers, Covid drugs by March 31, 2022. 

*RBI provides 2nd window to individual, small borrowers having up to Rs 25 crore loans for restructuring loans if not availed earlier: Governor.

*RBI announces rationalisation of KYC compliance norms, provides for video-based KYC for certain categories: Governor Das.

*RBI relaxes rules for availing overdraft facility for state govts up to Sept 30. PTI 

  

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