The Reserve Bank of India’s move to provide Rs 50,000 crore for priority lending to boost COVID-related health infrastructure and services in the country is a shot in the arm for the fight against COVID, say healthcare professionals.
The Reserve Bank of India has shown foresight by announcing flow of unhindered liquidity to the healthcare sector in order to boost production of vaccine, COVID-related medicines and ramp up oxygen supplies, said Dr Rashmi Saluja, Executive Chairperson, Religare Enterprises.
To boost provision of immediate liquidity for ramping up COVID-related healthcare infrastructure and services in the country, an on-tap liquidity window of Rs 50,000 crore with tenors of up to three years at the repo rate is being opened till March 31, 2022, RBI Governor Shaktikanta Das announced on Wednesday.
The series of RBI measures will surely help mitigate the financial distress triggered by the second wave of COVID, Saluja said. “That this special lending window of Rs 50,000 crore has been classified under priority sector lending will ensure steady flow of loans to the healthcare sector that is at the forefront of India’s valiant battle against the virus. In a bid to further encourage to lend to healthcare companies, RBI has also given incentive to banks. The decision to offer restructuring to borrowers including MSMEs with aggregate exposure of up to Rs 25 crore is also a welcome move since small entrepreneurs and individuals are the most vulnerable segments,” Saluja said.
Under the scheme, banks can provide fresh lending support to a wide range of entities, including vaccine manufactures; importers/ suppliers of vaccines and priority medical devices; hospitals/ dispensaries; pathology labs; manufacturers and suppliers of oxygen and ventilators; importers of vaccines and COVID-related drugs; logistics firms and also patients for treatment.
COVID-care priority
The government had recently written to all central ministries and public sector undertakings (PSU) to dedicate their hospital beds for COVID-19 management in States/Union Territories (UTs). According to the Health Ministry, the dedicated hospital wards/blocks have to be equipped with supportive/ancillary services including oxygen supported beds, ICU beds, ventilators, specialised CCUs (wherever available), lab/imaging services, kitchen etc., with a dedicated health workforce.
This has meant that hospitals catering to other ailments had to focus on COVID patients on a priority. Welcoming the RBI’s announcement, cardiac surgeon Dr Bejoy Kutty, Medical Director, Platinum Hospital, Mulund, said that the priority lending scheme would allow doctors and hospitals in India who are grappling with what the coronavirus is about and how to treat it. “We can be prepared for third wave too, thanks to this healthcare infra boost,” Kutty said.
Terming the RBI announcement ‘benevolent’, Vivek Talaulikar, CEO, Global Hospital, Mumbai said, “We value this announcement and I am sure this way, the next decade will be the decade of healthcare.”
Apollo Hospitals Group Joint Managing Director Sangita Reddy commended the governor for taking up these timely and appropriate steps.
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