By Sumit Sharma
Nov. 28 (Bloomberg) -- India’s central bank today extended the refinance facility for banks to June 30, 2009, to increase liquidity in the banking system, the Reserve Bank of India said in a statement e-mailed from Mumbai.
The central bank also permitted commercial banks to lend to housing finance companies under a plan that allows mutual funds to borrow to meet redemptions. The measure is valid until June 30, the Reserve Bank said.
Post-shipment credit at concessional rate given to exporters has been extended to 180 days from 90 days, the central bank said.
The measures were announced after Governor Duvvuri Subbarao met with bank chief executives in Mumbai today.
To contact the reporters on this story: Sumit Sharma in Mumbai at sumitsharma@bloomberg.net
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