ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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TAMIL NADU-VVIPs Are VVIPs

to extend direct refinance and rediscount facilities to sectors that deserve such assistance. Today the RBI has become very tight-fisted on assistance to promotional agencies like SIDBI (additional credit of Rs 200 crore in 1994-95) and NABARD (Rs 960 crore), while it pumps enormous amounts of funds into the money market or, more significantly, into the coffers of the central government for financing its revenue deficit. When agriculture and the other priority sectors are starved of bank credit, the right signal for the RBI to send would be to provide sector-specific refinance and rediscount facilities to banks and the other promotional agencies.

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