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K Paul Thomas, MD and CEO of ESAF Small Finance Bank

K Paul Thomas,  MD and CEO of ESAF Small Finance Bank

Monetary Policy Committee (MPC) continued the accommodative stance as long as it is necessary, announcing the status quo in policy rates. This is also aligned with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 percent within a band of +/- 2 percent.  


Growth in GDP for FY 21-22 is expected to be at 9.5% . Good monsoon and the efficiency in tackling COVID 19 will be the key determinants. Vaccination is going to be the game changer and if the major portion of the population is vaccinated fast, it will change the fortunes and the economy will bounce back as the global economy is getting back into its track.

Reserve Bank continued its measures to alleviate the impact of the pandemic, opening a separate liquidity window of ₹15,000 crores for banks to  lend support to certain contact-intensive sectors hotels and restaurants; tourism – travel agents etc.

Benefits under Resolution Framework 2.0,  has been expanded by enhancing the maximum aggregate exposure threshold from ₹25 crore to ₹50 crore for MSMEs, non-MSME small businesses and loans to individuals for business purposes which is a welcome step.
 

Being a prominent mode for Direct Benefit Transfer, NACH has a major role to play and to further enhance customer convenience, NACH which is currently available on bank working days, is proposed to be made available on all days of the week effective from August 1, 2021.

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