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08/07/2019 11:25am

Fin Min to address post budget meeting of RBI’s Central Board today

image Fin Min to address post budget meeting of RBI’s Central Board today

New Delhi, July 8 (KNN) Union Finance Minister Nirmala Sitharaman will address the post-budget meeting of RBI's central board today and highlight the key points of the Budget including the fiscal consolidation roadmap.

The Minister would also apprise the board of various other announcements made in the Budget to spur growth by touching almost all sectors of the economy with the objective of achieving a USD 5 trillion economy by 2024-25, said an official, according to media reports.

Post Budget announcement, the Reserve Bank of India announced an additional liquidity facility to banks for purchase of assets from and on-lending to non-banking financial companies and housing finance companies. This will enable banks to avail additional liquidity of Rs 1,34,000 crore.

The RBI said the move would complement the Union Budget 2019-20 announcement for improving liquidity to NBFCs.

In order to enable the banks to implement this announcement and deal with the NBFCs/HFCs issue effectively, the Reserve Bank of India will provide required liquidity backstop to the banks against their excess G-sec holdings, it stated.

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