RBI measures will help protect livelihoods of people: Nadda

BJP president J P Nadda said on Friday that the measures taken by the RBI to deal with the crisis caused by coronavirus will help protect the livelihoods of people by infusing liquidity and improving credit flow.

Under the leadership of Prime Minister Narendra Modi, the government is taking all necessary steps to help the economy cope with this crisis arising out of COVID-19, Nadda said.

"Initial ? 50,000 Cr to support small & mid NBFCs, refinance facilities of ?25,000 Cr to NABARD to help farmers, ?15,000 Cr to SIDBI to boost loans to start-ups & SMEs, ?10,000 Cr to NHB to support housing for all, will prove to be significant steps," the BJP president tweeted, citing various measures announced by RBI Governor Shaktikanta Das.

The Reserve Bank of India on Friday cut the reverse repo rate and announced a slew of measures including re-finance window of Rs 50,000 crore and targetted long term repo auction of similar amount to deal with the impact of the COVID-19 pandemic.

Das assured that the RBI will use all instruments at its disposal to deal with the challenges posed by the outbreak of the novel coronavirus, depending on the evolving situation.