బ్యాంకు అప్పులు ఎవరికి దక్కుతున్నాయి? రుణాల ప్యాకేజీతో అభివ్రుద్థి సాధ్యమా? Liquidity Boosting?
First, of the Rs 20 lakh crore, Rs 1.7 lakh crore had already been disbursed to the government in the first days of the lockdown. Its salutary effect is therefore long over. Another Rs 5.2 lakh crore was to have been disbursed as loans by the Reserve Bank, which brought the borrowing rates for doing this down to levels not known since 2010. But there were no borrowers. So the commercial banks were left with no option but to park all of that money in the RBI’s reverse repo account, which swelled from Rs 3 lakh crore on March 27 to Rs 8.4 lakh crore by the end of April.
Modi and finance minister Sitharaman should have learned a lesson from the RBI’s failure, but they didn’t. So again, all the grand promises they have made are premised upon the belief that manufacturers will need only a little more encouragement to start queueing up for loans.
All but a tiny fraction of the Rs. 10.8 lakh crore of ‘stimulus’ announced by Sitharaman on May 13, 14 and 15 consists of fresh injections of liquidity into the banking system under a series of “something for everyone” headlined schemes. These are designed to derive the maximum political mileage from a gullible public that knows absolutely nothing about economics or banking.
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బ్యాంకు అప్పులు ఎవరికి దక్కుతున్నాయి? రుణాల ప్యాకేజీతో అభివ్రుద్థి సాధ్యమా? Liquidity Boosting? First, of the Rs 20 lakh crore, Rs 1.7 lakh crore had already been disbursed to the government in the first days of the lockdown. Its salutary effect is therefore long over. Another Rs 5.2 lakh crore was to have been disbursed as loans by the Reserve Bank, which brought the borrowing rates for doing this down to levels not known since 2010. But there were no borrowers. So the commercial banks were left with no option but to park all of that money in the RBI’s reverse repo account, which swelled from Rs 3 lakh crore on March 27 to Rs 8.4 lakh crore by the end of April. Modi and finance minister Sitharaman should have learned a lesson from the RBI’s failure, but they didn’t. So again, all the grand promises they have made are premised upon the belief that manufacturers will need only a little more encouragement to start queueing up for loans. All but a tiny fraction of the Rs. 10.8 lakh crore of ‘stimulus’ announced by Sitharaman on May 13, 14 and 15 consists of fresh injections of liquidity into the banking system under a series of “something for everyone” headlined schemes. These are designed to derive the maximum political mileage from a gullible public that knows absolutely nothing about economics or banking.
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