RBI has also taken initiative in redesigning the format of the IGA (Inter Government Adjustment) advice and Clearance Memo to ensure that the advice being sent to CAS is comprehensive and meets requirements of the State Governments as well.
We reduced the reserve requirement ratio to increase the volume of loanable funds in the system. As allowed by the new BSP charter, we extended emergency financing to the national government through a repurchase agreement. We also purchased government securities in the secondary market, and remitted dividends to the national government.