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Mumbai, Nov 15: prevailing repo rate under the LAF which is currently 7.5%.
Taking into account the need to ensure the growth momentum in the employment-intensive sectors of micro and small enterprises and housing, RBI has decided to immediately allocate amounts, in advance, from scheduled commercial banks for contribution to the SIDBI and the NHB to the extent of Rs.2,000 crore and Rs.1,000 crore, respectively, against banks’ estimated shortfall in priority sector lending in March 2009.
The allocation now made in respect of SIDBI and NHB will be adjusted against the banks’ actual achievement of the target/sub targets for priority sector lending as at the end of March 2009. The bank-wise allocations are being notified separately.
RBI has advised banks to use facility under which all scheduled commercial banks (excluding RRBs) are provided refinance from the central bank equivalent to up to 1.0 %t of each bank's NDTL as on October 24, 2008 at the LAF repo rate up to a maximum period of 90 days. For the purpose of extending finance to micro and small enterprises....
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