Mumbai: Russia's central bank has put in place a $26 billion package of unsecured loans to bail out banks from the ongoing liquidity crisis. The six-month loan would be offered to banks rated by the international agencies Fitch Ratings, Standard & Poor's and Moody's Investors Service.

The Russian parliament has approved the relief package and the eligibility criteria and President Dmitry Medvedev has signed it into law.

The rescue package, meant to protect the country's key banks, would benefit around 120 banks, government sources said, adding, the state might go for larger stakes in some of the banks.

The finance ministry has previously disbursed around $30 billion in similar auction.

Apart from this, Russia's largest state-run bank Sberbank will receive a $19 billion loan from the central bank, with the first tranche of $5.7 billion expected to be transferred next week.