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Finance ministry calls banks to discuss new facility to drain cash

Finance ministry calls banks to discuss new facility to drain cash

Thursday, March 23, 2017, 1:44 PM

The finance ministry has called bankers into a meeting on Friday to discuss setting up a new facility to absorb surplus cash in the banking system. The finance ministry wants to discuss implementing a new framework called a "standing deposit facility" that would drain the surplus cash at a rate lower than the repo rate without the need for any collateral.
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