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The decision has been taken following a review of the current global and domestic macroeconomic situation, said an RBI release. This will improve liquidity position of urban co-operative banks.
Since the announcement coincides with the new industrial policy, Gujarat State Urban Co-operative Banks Federation chairman Jyotindra Mehta has welcomed the move. “UCBs will have more funds available with them for disbursement to businessmen as well as small and medium enterprises,” he said.
Mehta added that in the long run, this would help in the growth of the state’s economy, as any boost to SME financing will prove beneficial for the economy.
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