The Reserve Bank of India (RBI) today finalised stimulus packages for the export and real estate sectors, the two sectors hurt most by the global economic down turn.

The central board of the RBI, which met in Kolkata today, approved a Rs5,000 crore refinance facility for the Exim Bank and a Rs4,000 crore refinance facility for the National Housing Bank (NHB).

In order to provide liquidity to the ailing exports sector, the RBI board said it approved a refinance facility of up to Rs5,000 crore for the Exim Bank, which would be made available at the prevailing repo rate under the LAF for a period of 90 days. During the period, the amount can be flexibly drawn and repaid. At the end of the 90-day period, the drawal can also be rolled over. This refinance facility will be available up to March 31, 2010. The utilisation of funds will be governed by the policy approved by the board of the EXIM Bank, RBI said.

To revive hosing sector demand, and particularly to housing finance companies (HFCs) which have been adversely affected by the recent financial market developments, the RBI would provide a refinance facility of up to Rs4,000 crore to the National Housing Bank (NHB). This refinance will be available against the NHB's loans and advances to housing finance companies (HFCs). The facility will be available at the prevailing repo rate under the LAF for a period of 90 days. During this period, the amount can be flexibly drawn and repaid. At the end of the 90-day period, the drawal can also be rolled over. This refinance facility will be available up to 31 March 2010. The utilisation of the funds will be governed by the policy approved by the board of the NHB.

On Saturday, the central bank had also announced a similar window for the Small Industries Development Bank of India (SIDBI) to boost credit flow to the micro, small and medium enterprises.

The RBI board reviewed key economic, monetary and financial developments and the various steps taken since mid-September 2008 to preserve financial stability and arrest the moderation in the growth momentum in the context of the ongoing global financial crisis and the deepening recession in major economies of the world.

The RBI said it will continue to closely monitor the developments in the global and domestic financial markets and take swift and effective action as appropriate.