Reserve Bank of India (RBI) Governor Shaktikanta Das said that on the back of counter cyclical measures undertaken by the government, structural reforms need to be continued to revive demand and support the Indian economy.
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The RBI has successfully kicked off the maiden long-term reverse repo operation (LTROs) by conducting a 3-year issue worth Rs 25,000 crore for which it received bids of more than Rs 1.944 lakh crore. Deploying an out of the box tool to ensure permanent and deeper liquidity in the system, which hovers over Rs 2.5 lakh crore on a daily basis now.
RBI had announced Rs 1 lakh crore of long-term reverse repo operations beginning this Monday.
LIC today said there is no proposal to merge its subsidiary LIC Housing Finance Ltd (LICHFL) with any other entity. The statement came after some reports suggested that LIC might expedite the process of merging LICHFL with its banking arm IDBI Bank.