NEW DELHI: The government is going to take major steps to revive the two major sectors of the country's recession-hit real estate and auto sector. The slowdown in both these sectors has led to a fall in demand. In order to increase the demand, the government is going to inject money into the market with the help of banks.
Union Finance Minister Nirmala Sitharaman has announced a Rs 70,000 crore for public sector banks. The government's grant of 70 thousand rupees to public sector banks will bring liquidity of 5 lakh crore rupees to the market.
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Not only that, the Government has said that Rs.5 lakh crore will be given to banks in a phased manner. The move will provide a big relief to banks facing a financial crunch. The government has also asked state-owned banks to make home and auto loans cheaper for the common man. Banks are expected to make all types of loans, including home loans, auto loans cheaper soon. The government's move will no longer make it difficult for ordinary people to get loans from banks.
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Finance Minister Sitharaman has said that the RBI's announcement to reduce the repo rate in the recent monetary policy review will benefit the common man. Banks have expressed their agreement with the Government in the matter. Banks will now have to announce loans linked to the repo rate. Also, there will be online tracking of how, how and at what rate home and auto loans are available to the common people. A system will be developed for this.
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