Rajeev Chandrasekhar's official website - Member of Parliament

 

GOVERNMENT OF INDIA

Ministry of Finance

DEPARTMENT OF FINANCIAL SERVICES

RAJYA SABHA

UNSTARRED QUESTION NO 461

TO BE ANSWERED ON 19.02.2009

Funds for Bailing out Financial Institutions  

 

461.

SHRI RAJEEV CHANDRASEKHAR

 

 

Will the Minister of FINANCE be pleased to state:-

(a)        the total funds allocated by the Reserve Bank of India as part of its bailout of various financial institutions and Non-Banking Financial Companies through its various schemes as a lender of last resort for the last three years; and

(b)        what are the terms of use of such taxpayers’ funds?

ANSWER

MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI PAWAN KUMAR BANSAL)

(a & b): In year 2006-07, RBI allocated an amount of Rs. 24 crore for a period of 45 days at the rate of interest of Bank Rate plus 4.0 per cent per annum against the collateral of excess SLR securities. The said amount was not availed.

2007-08 - Nil

2008-09 - Nil