RBI measures will enhance liquidity, help poor: PM Modi
PM Modi
Prime Minister Narendra Modi on Friday said the announcements made by the Reserve Bank of India (RBI) would greatly enhance liquidity and improve credit supply.
"Today’s announcements by @RBI will greatly enhance liquidity and improve credit supply. These steps would help our small businesses, MSMEs, farmers and the poor. It will also help all states by increasing WMA limits," PM Modi said on Twitter.
RBI Governor Shaktikanta Das has announced new measures to maintain adequate liquidity in system, facilitate bank credit flow and ease financial stress.
The Bank cut the reverse repo rate and announced a slew of measures including re-finance window of Rs 50,000 crore and targeted long term repo auction of similar amount to deal with the impact of the COVID-19 pandemic.
The RBI also took another important measure of increasing the ways and means advances (WMA) limit of states. The move is expected to provide greater comfort to the states for undertaking COVID-19 containment and mitigation efforts, and to plan their market borrowing programmes better.
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RBI governor Shaktikanta Das said WMA limit of states is being increased by 30 per cent. So the WMA limit of states increase by 60 per cent over and above the level as on March 31, 2020. The increased limit will be available till September 30, 2020, Das said.
Ways and means advances (WMA) is a mechanism used by RBI under its credit policy to provide to States, banking with it, to help them tide over temporary mismatches in the cash flow of their receipts and payments. This is repayable in each case not later than three months from the date of making that advance.
(with inputs from agencies)