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Uday Kotak bats for central bank balance sheet expansion to fight covid
Uday Kotak said on Monday.Kotak, the promoter and chief executive of Kotak Mahindra Bank, said that when the nation is trying to save lives and livelihoods, such an expansion is a serious option.“I believe we have come to a time when we will have to be much more open to expand the balance sheet of the central bank and I think the RBI has given the signal through the G-SAP programme," Kotak said. He was referring to the Reserve Bank of India’s plan to purchase ₹1 trillion of sovereign debt papers from the secondary market in the first three months of 2021-22.The G-SAP programme is also the first time RBI is committing its balance sheet for the conduct of monetary policy, as RBI deputy governor Michael Patra said on 7 April.