Mumbai: The Reserve Bank of India today announced a targeted on-tap liquidity window of Rs 50,000 crore to set up Covid-related healthcare infrastructure to counter the devastating coronavirus surge gripping the country.
The apex bank of India also asked banks to let certain borrowers have more time to repay loans, among other measures at a time when the country is suffering from the second wave of Covid.
The moratorium will be available to individuals and small annd medium enterprises that have not restructured their loans in 2020 and were classified as standard accounts till 31 March 2021.
RBI Governor Shaktikanta Das, speaking at a virtual briefing, said, ‘Under the scheme, banks can provide fresh lending support to a wide range of entities including vaccine manufactures; importers/suppliers of vaccines and priority medical devices; hospitals/dispensaries; pathology labs; manufactures and suppliers of oxygen and ventilators; importers of vaccines and Covid related drugs; logistics firms and also patients for treatment.’
Shaktikanta Das said cheap loans would be available until 31 March next year, and vowed to deploy ‘unconventional’ measures if the crisis worsens.