Financial system's liquidity is in 'huge' surplus, says RBI governor

Das said the central bank will provide a backup "if individual banks require additional liquidity"

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Nirmala Sitharaman with Shaktikanta Das and Finance Secretary Subhash Chandra Garg (right) in New Delhi on Monday

Budget 2019: The financial system’s liquidity is in “huge” surplus and the Union Budget’s announcements related to non-banking financial companies (NBFCs) are adequate to take care of the liquidity needs of the sector, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Monday.

“Overall, the system liquidity is in huge surplus since June 1. We have also announced a liquidity back stock for banks to implement the NBFC package announced by the FM in the Budget. We have also decided to frontload the FALLCR, which will infuse additional liquidity,” Das said in a press conference after chairing the customary post-Budget board meeting of the central bank. Finance Minister Nirmala Sitharaman addressed the central board of directors.

In the Budget, the FM announced a one-time six-month partial credit guarantee window to cover up 10 per cent of...read more

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