RBI unvels its first package during the times of lockdown extension
RBI

The Reserve Bank of India sought to support the solvency of businesses and small non-bank lenders by unveiling its first package on March 27 during the times of lockdown extension. By reducing the reverse repo rate by 25 basis points it also the banks to delay classifying stressed borrowers as defaulters and also made it less profitable for banks to hold money idle,

The first measures include of Rs 50.000 crore refinance facility to banks for lending NBFC’s via a new long term goal repo giving operation RS 50,000 crore funding support for refinancing institutions and control rates on bank funds parked with RBI. The emphasised liquidity aid is to focus to aid the crisis in the NBFC sector where lenders had granted moratorium to their borrowers but granted any relief on their financial obligations. Finance companies have been allowed to relax norms for commercial real estate projects to facilitate their completion.

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