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RBI decides to conduct Special Long-Term Repo Operations for Small Finance Banks - (07 May 2021)

Banking

In order to provide further support to small business units, micro and small industries, and other unorganised sector entities adversely affected during the current wave of the pandemic, RBI announces to conduct special three-year long-term repo operations (SLTRO) of Rs. 10,000 crore at repo rate for the SFBs. The facility will be available till October 31, 2021. Small finance banks (SFBs) have been playing a prominent role by acting as a channel for supply of credit to individuals and small businesses.

Accordingly, the Reserve Bank will conduct one auction for SLTRO each month. All Small Finance Banks (SFBs) eligible under the Liquidity Adjustment Facility (LAF) can participate in the Scheme. There is no tenor restriction regarding lending by SFBs under the scheme. Furthermore, SFBs should endeavour to lend within a reasonable period, i.e., not later than 30 days from the date of availing the funds from RBI. SLTROs will be conducted on CBS (E-KUBER) platform. The operations would be conducted at a fixed rate.

The Reserve Bank reserves the right to decide the quantum of allotment and accept/reject any or all the requests, either wholly/partially, without assigning any reason thereof. The minimum bid amount would be Rupees one crore and multiples thereof. The allotment would be in multiples of Rupees one crore. Lending rates would be reduced without reducing the policy rates with the operation of the scheme.

Tags : SLTRO SCHEME   MEASURE   ANNOUNCEMENT  

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