RBI governor Shaktikanta Das said: “The LAF corridor was reduced by 90 basis points to 4%, thus creating an asymmetrical corridor. Bankers said the measures will help ease credit flow at a time when cash flows are getting stretched across industries. All this is in addition to targeted long-term repo operations (TLTRO) worth Rs 1 lakh crore – all of which banks must deploy in investment-grade debt securities. The central bank slashed the cash reserve ratio (CRR) for the first time since February 2013 by a full percentage point to 3% and widened the policy rate corridor to 65 basis points (bps) from 50 bps, effectively making it less lucrative to park money with the RBI.
The Reserve Bank of India (RBI) on Friday unveiled a series of liquidity measures to unlock money to the tune of Rs 3.74 lakh crore, leaving banks with little excuse to not lend aggressively.
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