The RBI recently said that aid to medical institutions and companies should be given to fight Corona. Based on this, this government bank has approved the loan to Serum Institute.
Bank of Baroda approves loan to Serum Institute
The Reserve Bank of India (RBI) Governor Shaktikanta Das made several big announcements recently to give relief to the economy amid the second wave of COVID-19 (COVID-19) transition. During this time, it was said that loans should be given to medical institutions and oxygen suppliers etc. Bank of Baroda (BoB) has now come forward under this decision of RBI. He has passed Rs 500 crore to Serum Institute of India (SII).
Kovishield is continuously being produced by the Serum Institute to defeat the COVID-19 epidemic. It is being used in a vaccination campaign against coronavirus infection. It is known that earlier, the country’s largest bank, State Bank of India (SBI), had approved a line of credit to Bharat Biotech.
Bank of Baroda on Wednesday approved the loan given to Serum Institute after the decision of the Reserve Bank of India to provide liquidity of Rs 50,000 crore specifically for providing vaccines, oxygen, ventilators, etc. .
RBI had made these major announcements
1. RBI again said that all resources should be used for continuous monitoring of the situation arising out of increase in COVID-19 cases.
2.In order to increase the flow of financial resources in the economy, on May 20, under the Government Securities Procurement Program (G-SAP 1.0), directed to make another purchase of 35,000 crore rupees.
3. The bank will provide loans up to Rs 50,000 crore to hospitals, oxygen suppliers, vaccine importers, COVID medicines by 31 March 2022.
4. Bank will create COVID Loan Book. These will be for Priority Sector. On the basis of which they will be provided loans on need.
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