Three weeks after it unveiled its first package on March 27 for an economy battered by the Covid-19 pandemic, the Reserve Bank of India on Friday sought to ensure the solvency of businesses and small non-bank lenders during the extended lockdown period by making available funds to NBFCs. It also allowed banks to delay classifying stressed borrowers as defaulters and also made it less profitable for banks to keep money idle with RBI by reducing the reverse repo rate (the rate it pays for funds parked with it) by 25 basis points.
Three weeks after it unveiled its first package on March 27 for an economy battered by the Covid-19 pandemic, the Reserve Bank of India on Friday sought to ensure the solvency of businesses and small non-bank lenders during the extended lockdown period by making available funds to NBFCs. It also allowed banks to delay classifying stressed borrowers as defaulters and also made it less profitable for banks to keep money idle with RBI by reducing the reverse repo rate (the rate it pays for funds parked with it) by 25 basis points.
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