Limited Period Offer:Be a PRO for 1 month @Rs49/-Multiple payment options available. Know More

Booster shot! RBI announces special refinance facility of Rs 15,000 crore to SIDBI

In order to provide greater flexibility to SIDBI in its operations, it has been decided to roll over the facility at the end of the 90th day for another period of 90 days.

May 22, 2020 / 08:04 PM IST
Reserve Bank of India (RBI) Governor Shaktikanta Das

Reserve Bank of India (RBI) Governor Shaktikanta Das

The Reserve Bank of India (RBI) on May 22 slashed key repo rate by 40 bps, and to ease constraints for market participants and channel liquidity to various sectors announced a special refinance facility to SIDBI for Rs 15,000 crore.

The Small Industries Development Bank of India (SIDBI) plays an important role in meeting the long-term funding requirements of small industries.

In view of the tightening of financial conditions in the wake of the COVID-19 pandemic, and difficulties in raising resources from the market, the RBI announced a special refinance facility of Rs 15,000 crore to SIDBI for on-lending/refinancing, said the RBI statement.

Here's the full text of RBI Governor Shaktikanta Das' May 22 conference

The policy statement further highlighted that the Advances under this facility were provided at the RBI’s policy repo rate at the time of availment for a period of 90 days.

Close

COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more
Show

In order to provide greater flexibility to SIDBI in its operations, it has been decided to roll over the facility at the end of the 90th day for another period of 90 days.

Check our complete coverage on RBI's May 22 announcements here
Moneycontrol News

stay updated

Get Daily News on your Browser
Sections