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Published on 24/03/2020 9:51:30 AM | Source: NAREDCO

Poddar Housing on RBI extending priority sector classification for bank loans to NBFCs for 1 year -

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Below is the Views On  Perspective by Poddar Housing on RBI extending priority sector classification for bank loans to NBFCs for 1 year by Mr. Rohit Poddar, Managing Director, Poddar Housing and Development Ltd. and Joint Secretary, NAREDCO Maharashtra

“Considering the current situation of the country and its economy, RBI has tried to address the issues of the sector with this unconventional measure to infuse liquidity in the system. Variable repo rate auctions for Rs. 1,00,000 crore will enable the RBI to have better control on the liquidity situation in the economy. It is crucial to monitor the changing financial market conditions which will help in administering any need of additional liquidity support required to ensure normal functioning of the bank. This move definitely comes as a ray of hope for MSMEs and housing finance companies amidst the ongoing mayhem of COVID 19. However, a further repo rate cut will ensure more liquidity into the system that will in-turn support the economy during COVID-19”

 

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