Reserve Bank of India
Complimenting the Reserve Bank of India (RBI) for the steps taken to boost the economy, Shah said such action will further reinforce Modi’s vision.
“Modi government is leaving no stone unturned in this fight against COVID-19, ensuring minimum disruption in people’s lives while planning for a strong and stable India in days ahead,” he tweeted.
The home minister said the RBI’s decision to extend Rs 20,000 crore credit facility to NABARD and Rs 15,000 crore to SIDBI will greatly help the farmers, provide the much needed financial stability to MSMEs and start ups, and boost the ‘Make in India’ programme.
Shah said the Rs 10,000 crore to National Housing Bank (NHB) and liquidity measures for banks and non-banking financial companies (NBFCs) will help too.
“Steps taken by RBI today, to boost Indian economy, further reinforce PM Narendra Modi’s vision,” he said.
The RBI on Friday further eased bad-loan rules, froze dividend payment by lenders and pushed banks to lend more by cutting the reverse repo rate by 25 basis points, as it unveiled a second set of measures to support the economy hit hard by a coronavirus-led slowdown.
In his second televised address since the nationwide lockdown began from March 25, Reserve Bank of India (RBI) Governor Shaktikanta Das pledged to boost liquidity and expand bank credit.