RBI Steps in to Ease COVID-19 Burden

Relaxation of the overdraft facility for states: The maximum number of days of overdraft for state governments in a quarter has been raised from 36 to 50.

Updated: May 08, 2021 03:13:25 pm

08 May 2021 Current Affairs:The Governor of the Reserve Bank of India has declared a series of measures to aid the country's battle against the second wave of COVID-19 infections.

♦ An Rs. 50,000 crore Term Liquidity Facility, with a term of up to three years and a repo rate, to facilitate access to emergency health facilities and to expand COVID-related health infrastructure and services.
♦ Special Long-Term Repo Operations for Small Finance Banks (SFBs): To provide additional support to micro, small, and other unorganised sector entities, 3-year repo operations of Rs 10,000 crore at repo rate for new lending up to Rs 10 lakh per borrower are being conducted (till 31 October 2021)
♦ SFBs' lending to MFIs will be categorised as priority sector lending: In light of new challenges, SFBs will now be allowed to classify new on-lending to MFIs with assets of up to Rs. 500 crore to be priority sector lending (till 31 March 2022)
♦ Credit to MSME Entrepreneurs: To encourage the entry of unbanked MSMEs into the banking system, a February 2021 exemption allowing scheduled banks to deduct credit given to new MSME borrowers from Net Time & Demand Liabilities for CRR calculation has been extended until December 31, 2021.
Rationalization of KYC norms for improved consumer experience: Steps proposed include: 
♦ Expanding video KYC reach to new customer groups such as sole proprietorship firms,
♦ Conversion of restricted KYC accounts to fully compliant KYC accounts
♦ More customer-friendly KYC updating options are introduced, and 
allowing the use of the Centralised KYC Registry's (CKYCR) KYC Identifier for V-CIP and the submission of electronic documents as proof of identity
♦ Floating Provisions and the Countercyclical Provisioning Buffer: As of December 31, 2020, banks will use 100 percent of their floating provisions to make specific provisions for nonperforming assets (till March 31, 2022)
♦ Relaxation of the overdraft facility for states: The maximum number of days of overdraft for state governments in a quarter has been raised from 36 to 50.
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