Finance Ministry summons bankers to devise system to drain surplus cash
DSIJ Intelligence / 23 Mar 2017
The Ministry of Finance has summoned bankers to devise and execute a system for the absorption of the surplus cash flow in the banking system post demonetisation and the Digital India scheme of the Modi government.
The Ministry of Finance has summoned bankers to devise and execute a system for the absorption of the surplus cash flow in the banking system post demonetisation and the Digital India scheme of the Modi government.
At the meeting called by the ministry, the government will discuss with the heads of banks about the implementation of a new framework titled "Standing Deposit Facility" (SDF). The SDF intends to extract the surplus cash from the system through the implementation of a rate lower than the repo rate without the requirement of any collateral.
The Reserve Bank of India had previously mooted the proposal on draining surplus cash from the system through a similar facility.
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