RBI gives Rs 1 lakh crore to banks to raise liquidity

Published by: March 24, 2020 09:40 am

Updated: March 24, 2020 09:40 am

Published by: March 24, 2020 09:40 AM
Last updated: March 24, 2020 09:40 AM

Reserve Bank of India

Mumbai

The Reserve Bank plans to increase liquidity in the banking sector as the entire country is crippled by the coroner virus.

It plans to provide Rs 1 lakh crore to banks at low repo rates. The auction was supposed to be held on Monday and Tuesday. The auction of Tk 50,000 crore was held on Monday. The remaining Rs 1.5 crore will be auctioned on Tuesday. The Reserve Bank said it was ready to provide additional money when needed.

The crisis has been felt nationwide due to the loss of coroners. This will have an impact on the economy. The Reserve Bank has taken this step to promote cash flow in the national environment. Banks will use this fund to finance. This will result in cash flow to the economy.

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