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.