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Steps taken by RBI to boost economy, reflects PM Modi vision to fight COVID19: Shah

New Delhi: Describing that all actions on the part of the Government and its agencies which reflects Prime Minister Narendra Modi’s vision in tackling Covid-19 crisis, the Union Home Minister Amit Shah on Friday said that no stone is left unturned in dealing with pandemic.

While complementing Reserve Bank of India (RBI) for the steps taken to boost the economy he said such action will further reinforce the Prime Minister’s vision.

Taking micro-blogging site Twitter, Mr Shah said “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 further said the RBI’s decision to extend Rs 20,000 crore credit facility to National Bank For Agriculture & Rural Development (NABARD) and Rs 15,000 crore to Small Industries Development Bank of India (SIDBI) will greatly help the farmers, provide the much needed financial stability to MSMEs and start ups, and boost the ‘Make in India’ programme.

The Home Minister also said the Rs 10,000 crore to National Housing Bank (NHB) and liquidity measures for banks and non-banking financial companies (NBFCs) will also go long way in helping economy.

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.

Via UNI-India

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