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The facility will have tenors of up to three years at repo rate (4 per cent), said RBI Governor Shaktikanta Das.

At 10:25 am, the BSE S&P Sensex was up by 94 points or 0.18 per cent at 52,327 while the Nifty 50 gained by 31 points or 0.2 per cent to 15,721.

The announcement came after a three-day meeting of its Monetary Policy Committee (MPC). The RBI has kept repo rate the central bank's lending rate unchanged at 4 per cent and reverse repo rate borrowing rate at 3.35 per cent.

Industry expects a status quo on benchmark rate on account of uncertainty over the impact of Covid second wave

Growth in loans to micro and small industries accelerated to 3.8 per cent in April this year as compared to a contraction of 2.2 per cent a year ago.

The Bank of India has sent messages to its eligible customers to submit their willingness to debt recast online.

Creating safe working zones is necessary, for it is not possible to perpetually fear and abstain from livelihood activities

The stock markets are mainly driven by money supply and foreign portfolio investor (FPI) investments, the apex bank said.

Moratorium should be extended up to March 2022 on all EMIs of term loans as well as interest on cash credit accounts.

The waiver of compound interest on all loan accounts which opted for moratorium during March-August 2020 may put stress on banks' financial health.

It also suggested to re-consider severe restrictions on capacity and eligibility requirements, limit on number of audits.

Painting a rosy picture based on April's GST collections could be a miscalculation as all indicators point to a grim picture of the economy

Earlier this month, the governor had announced a slew of measures, including term liquidity facility of Rs 50,000 crore to ease access to emergency health services.

It is up to the Centre now to complement RBI’s efforts to revive the economy with appropriate policy interventions

Banks desirous of deploying their own resources without availing funds from the RBI under the scheme for lending to the specified segments mentioned above will also be eligible for the incentives.

Banks may deliver these loans to borrowers directly or through intermediary financial entities regulated by the RBI.

Borrowers that are individuals and micro, small and medium enterprises (MSMEs) having an aggregate exposure of up to Rs 25 crore would be considered for the new scheme.

However, non-deposit taking NBFCs with asset size below Rs 1,000 crore have the option to continue with their extant procedure.

Chakraborty, a 1985 batch IAS officer of Gujarat cadre, retired as Secretary of Department of Economic Affairs in April 2020

In the week ended April 16, 2021, the increase in reserves was mainly due to a rise in foreign currency assets (FCAs), a major component of the overall reserves