Measures taken by Reserve Bank of India

Measures taken by Reserve Bank of India

Reduction of Cash Reserve Ratio (CRR) has resulted in liquidity enhancement of ₹1,37,000 crores

 • Targeted Long Term Repo Operations (TLTROs) of ₹1,00,050 crore for fresh deployment in investment grade corporate bonds, commercial paper, and non-convertible debentures.

 • TLTRO of Rs.50,000 crore for investing them in investment grade bonds, commercial paper, and non-convertible debentures of NBFCs, and MFIs.

 • Increased the banks’ limit for borrowing overnight under the marginal standing facility (MSF), allowing the banking system to avail an additional ₹1,37,000 crore of liquidity at the reduced MSF rate.

 • Announced special refinance facilities to NABARD, SIDBI and the NHB for a total amount of ₹50,000 crore at the policy repo rate. 

• Announced the opening of a special liquidity facility (SLF) of ₹50,000 crore for mutual funds to alleviate intensified liquidity pressures.

 • Moratorium of three months on payment of instalments and payment of Interest on Working Capital Facilities in respect of all Term Loans.

• Easing of Working Capital Financing by reducing margins.

 • For loans by NBFCs to commercial real estate sector, additional time of one year has been given for extension of the date for commencement for commercial operations (DCCO).

Other Measures - 1 
• On the request of the Government of India, RBI raised the Ways and Means advance limits of States by 60% and enhanced the Overdraft duration limits. 

• Issued all the pending income-tax refunds up to ₹5 lakh, immediately benefiting around 14 lakh taxpayers.

• Implemented “Special Refund and Drawback Disposal Drive” for all pending refund and drawback claims.

• Both the above measures amount to ₹18,000 crore of refund.

• Sanctioned Rs 15,000 crores for Emergency Health Response Package 

Other Measures – 2

 • Provided Relaxation in Statutory and Compliance matters, such as – 

• Extending last date for Income Tax Returns to June 30, 2020 

• Extending filing GST returns to end of June 2020 

• 24*7 custom clearance till 30th June, 2020

 • Relaxation for 3 months for debit cardholders to withdraw cash free from any ATMs, etc 

• Allowing payment before 15 May, 2020 for Motor Vehicle and Health Insurance Policies 

• Mandatory Board meetings extended by 60 days till 30 September 

• Allowing Extraordinary General Meetings through Video Conference with e-voting/simplified voting facility 

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