10 Feb 2022 , 11:39 AM
While announcing the monetary policy, the Reserve Bank of India (RBI) has proposed to extend the Term Liquidity Facility window of Rs50,000cr to Emergency Health Services up to June 30, 2022, from March 31, 2022.
Last year, on May 05, an on-tap liquidity window of Rs50,000cr at the repo rate with tenors of up to three years was announced to boost the provision of immediate liquidity for ramping up COVID-19 related healthcare infrastructure and services in the country.
Banks were incentivised for quick delivery of credit under the scheme through the extension of priority sector classification to such lending up to March 31, 2022.
Under the scheme, banks were expected to create a COVID-19 loan book. By way of an additional incentive, such banks were eligible to park their surplus liquidity up to the size of the COVID-19 loan book with the RBI under the reverse repo window at a rate 25 bps lower than the repo rate, i.e., 40 bps higher than the reverse repo rate.
As of February 04, 2022, banks have deployed their funds to the tune of Rs9,654cr towards COVID-19 related emergency health services.
RBI today said, “In view of the response to the scheme, it is now proposed to extend this window up to June 30, 2022 from March 31, 2022 as announced earlier.”
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