The apex bank in the country has announced financial booster packages to fight the Covid-19 pandemic. Reserve Bank of India (RBI) Governor, Shaktikanta Das on Wednesday has announced these packages.
RBI has announced Rs. 50,000 crore fund to support healthcare system in the country. This fund can be utilized by banks in the country. In order to encourage banks to freely lend the Rs 50,000 crore, which includes patients for treatment, government hospitals, pharmacies, manufacturers of vaccines and medical oxygen and private operators in the critical healthcare supply chain, the RBI will provide such lending priority sector classification till March 31 next year.
The RBI has also asked banks not to penalize till December 31 customers whose periodic KYC updating is due or pending. The RBI will also provide Rs 10,000 crore for small financial banks (SFBs) in order to cater to small businesses and financial entities at the grassroots level. The RBI will raise some of the promised funds through an auction of Rs 35,000-crore worth securities on May 20.
Reserve Bank of India (RBI) has also announced moratorium to individual, small borrowers having up to Rs 25 crore loans for restructuring loans if not availed earlier.