{"id":63337,"date":"2018-02-11T15:54:52","date_gmt":"2018-02-11T15:54:52","guid":{"rendered":"http:\/\/www.bnreport.com\/rbi-to-have-additional-tool-for-liquidity-management\/"},"modified":"2018-02-11T15:54:52","modified_gmt":"2018-02-11T15:54:52","slug":"rbi-to-have-additional-tool-for-liquidity-management","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/rbi-to-have-additional-tool-for-liquidity-management\/","title":{"rendered":"RBI to have additional tool for liquidity management"},"content":{"rendered":"<p>    The Reserve Bank will soon have greater flexibility in terms of managing its liquidity operations with the addition of one more tool &#039;Standing Deposit Facility Scheme&#039; to its kit.   <\/p>\n<p>Finance Minister <a href=\"https:\/\/economictimes.indiatimes.com\/topic\/Arun-Jaitley\" rel=\"noreferrer\" target=\"_blank\">Arun Jaitley<\/a> in his Budget has proposed to amend the <a href=\"https:\/\/economictimes.indiatimes.com\/topic\/RBI\" rel=\"noreferrer\" target=\"_blank\">RBI<\/a> Act to empower the central bank to come up with an additional instrument for liquidity management.   <\/p>\n<p>The proposal forms part of the <a href=\"https:\/\/economictimes.indiatimes.com\/topic\/Finance-Bill\" rel=\"noreferrer\" target=\"_blank\">Finance Bill<\/a> 2018 which is scheduled to be approved by Parliament by March 31.   <\/p>\n<p>&quot;That is to provide one more tool for liquidity management. There is no more MSS (market stabilisation scheme),&quot; Economic Affairs Secretary S C Garg told PTI.   <\/p>\n<p>The Reserve Bank proposed in November 2015 the introduction of the SDF by suitably amending the RBI Act.   <\/p>\n<p>This will provide the RBI a new tool for liquidity management, particularly in times when the money market liquidity is in excess to deal with post-demonetisation like scenario.   <\/p>\n<p>Post-demonetisation, the RBI ran out of securities to offer as collateral and had to temporarily hike its <a href=\"https:\/\/economictimes.indiatimes.com\/topic\/cash-reserve-ratio\" rel=\"noreferrer\" target=\"_blank\">cash reserve ratio<\/a> (CRR) to force banks to park extra deposits with it.   <\/p>\n<p>The CRR is the portion of deposits that banks have to compulsorily park with the RBI. Currently, the CRR is pegged at 4 per cent.   <\/p>\n<p>When the liquidity position under the Liquidity Adjustment Facility (LAF) is outside the comfort zone, the RBI uses a array of instruments to absorb\/inject durable liquidity from\/into the financial system and thus bring the residual liquidity gap \u2013 as measured by the outstanding overnight LAF balance \u2013 within the comfort zone.   <\/p>\n<p>These instruments include the CRR, Open Market Operations (OMO) and MSS at the moment.   <\/p>\n<p>&quot;Introduction of this (SDF) facility would give greater flexibility to the Reserve Bank for managing its liquidity operations,&quot; the RBI had said in its April 2017 &#039;Statement on Developmental and Regulatory Policies&#039;.   <\/p>\n<p>The <a href=\"https:\/\/economictimes.indiatimes.com\/topic\/Urjit-Patel\" rel=\"noreferrer\" target=\"_blank\">Urjit Patel<\/a> Committee in January 2014 had suggested inclusion of new instruments in the toolkit of <a href=\"https:\/\/economictimes.indiatimes.com\/definition\/monetary-policy\" rel=\"noreferrer\" target=\"_blank\">monetary policy<\/a> for absorption of surplus liquidity from the system but without the need for providing collateral in exchange.   <\/p>\n<p>The standing deposit facility, the report opined could also be used for sterilisation operations with the advantage that it will not require the provision of collateral for liquidity absorption.   <\/p>\n<p>The provision of collateral for liquidity absorption had turned out to be a binding constraint on the reverse repo facility in the face of surges in capital flows during 2005- 08.   <\/p>\n<p>The Finance Bill proposes to insert a new clause in the RBI Act to allow it to accept &quot;\u2026money as deposits, repayable with interest from banks or any other person under the Standing Deposit Facility Scheme\u2026for the purposes of liquidity management&quot;.   <\/p>\n<p>Jaitley in the Budget Speech had said that to provide the central bank an instrument to manage excess liquidity, the RBI Act &quot;is being amended to institutionalise an uncollateralised Deposit Facility&quot;.     <\/p>\n<p><strong><a href=\"https:\/\/blockads.fivefilters.org\/\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/strong> <a href=\"https:\/\/blockads.fivefilters.org\/acceptable.html\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/p>\n<p><a href=\"https:\/\/economictimes.indiatimes.com\/markets\/stocks\/news\/rbi-to-have-additional-tool-for-liquidity-management\/articleshow\/62872247.cms\" rel=\"noreferrer\" target=\"_blank\">Original Article<\/a><\/p>\n<p>[contf]<br \/>\n[contfnew]<br \/>\n        <img decoding=\"async\" src=\"https:\/\/img.etimg.com\/photo\/60278104.cms\"\/><\/p>\n<h5><a href=\"https:\/\/economictimes.indiatimes.com\/\" rel=\"noreferrer\" target=\"_blank\">ET Markets<\/a><\/h5>\n<p>[contfnewc]<br \/>\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank will soon have greater flexibility in terms..<\/p>\n","protected":false},"author":1,"featured_media":63338,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-63337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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