RBI Steps Up Loan Relief, Liquidity to Aid India's Virus Fight

RBI Steps Up Loan Relief, Liquidity to Aid India's Virus Fight

Discover what’s driving the global economy and what it means for policy makers, businesses, investors and you with The New Economy Daily. Sign up here India’s central bank announced new loan-relief measures for small businesses and pledged to inject 500 billion rupees ($6.8 billion) of liquidity, including fresh lending to vaccine-makers, in a bid to buffer the economy against a deadly new wave of virus cases. Some small businesses will be eligible for loan restructuring to give them more time to repay such debt and keep them going through the pandemic period, Reserve Bank of India Governor Shaktikanta Das said in an unscheduled address on Wednesday. He also announced steps to boost credit for expanding health care services and a calendar for bond-buying. “The devastating speed with which the virus affects different regions of the country has to be matched by swift-footed and wide-ranging actions that are calibrated, sequenced and well-timed so as to reach out to various sections of society and business right down to the smallest and the most vulnerable,” Das said. Sovereign bonds gained, with yield on …
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