the rbi ’ s liquidity support to primary dealers ( pds ) enables it to directly intervene in the market, thereby moderating pressures on the overnight call money rates. the rbi also reactivated the bank rate in april 1997 as a reference rate and as a signalling device to reflect the stance of monetary policy. the interest rates on different type accommodation from the rbi including refinance are linked to the bank rate. the activation of the bank rate endowed the rbi with an additional instrument. it must be noted that the announcement impact of bank rate changes has been pronounced on the prime lending rates of commercial banks. the refinance window of the rbi provides an additional instrument for influencing reserves. until recently, the rbi provided two types of refinance facilities to banks - export credit refinance and general refinance. while the former facility is formula based and is extended to banks against their outstanding export credit eligible for refinance, the latter facility was provided to enable banks to tide over their temporary liquidity shortages. the general refinance window has since been replaced by a collateralised lending facility ( clf ) within the overall framework of an interim liquidity adjustment facility ( ilaf ). currently, the liquidity management at the short end is in the form of ilaf. liquidity is injected by the rbi through clf to banks, export credit refinance to banks, and liquidity support to pds. all these facilities are available subject to quantitative limits [ formula - based ] for specified duration and at the bank rate. additional limits could be availed by banks under additional collateralised lending facility ( aclf ) and by pds at two percentage points above the bank rate. absorption of liquidity will continue to be through fixed rate repo i. e., at repo rate announced on a day to day basis. these are supplemented by omo in government dated securities and treasury bills by the rbi. omo involve decisions by the rbi on a daily basis or even intra - day basis in regard to the quantities and the cut - off yields at which the dated securities and treasury bills are operated upon. it may be noted that these operations are in the given framework of the crr that directly affects liquidity and the bank rate. often, the periodic treasury bill auctions by rbi, themselves provide opportunities for the rbi to signal its overall stance on the appropriateness of interest rate and liquidity. thus, the ilaf provides a mechanism by which liquidity would be

, the pressures of global regulations and goal attainment related to environmental issues will only intensify. in line with this, the republic of korea has made a commitment to reduce greenhouse gas emissions by 40 % from 2018 levels by 2030, and to increase official development assistance ( oda ) for green projects. while our economy may face challenges during this transition, when we fulfill our responsibilities as members of the international community, we will then be able to actively demand that advanced countries, which have historically emitted significant amounts of greenhouse gases during their development process, fulfill their technological and financial support responsibilities to developing countries. third, tackling climate change presents both risks and opportunities. the covid19 pandemic has caused a global health crisis, but it has also presented unprecedented growth opportunities for bio - tech companies such as biontech and moderna, who have successfully developed vaccines. the climate change crisis will also present opportunities for companies that are prepared. global climate venture companies like opower in the u. s., a provider of big data for energy conservation, or like climateworks in switzerland, which converts carbon dioxide into solid carbon for sale, or like rubicon, also in the u. s., which creates resource circulation platforms, are all experiencing rapid growth. globally, climate tech investment funds have grown threefold in two years, reaching us $ 45 billion in 2021. innovative technologies in the fields of environment, energy, agriculture, and geographic observation are being commercialized at an astonishing pace. this will provide challenging business opportunities for the young itsavvy generation in korea. the bank of korea is also making multifaceted efforts in response to climate change. we are continuously expanding research and conducting stress tests to evaluate the 2 / 4 bis - central bankers'speeches impact of climate change on financial institutions. this includes the development of stress test models. 5 additionally, we are actively expanding our efforts in foreign exchange reserve management by incorporating esg investments, along with other initiatives, to address climate change. moving forward, we intend to explore market creating measures to promote green finance and policy tools to alleviate the transition burden on small and medium - sized enterprises ( smes ) in collaboration with financial authorities. supporting smes in green finance is an important policy task because if smes fail to transition smoothly to environmentally friendly practices, large corporations connected through export supply chains will also find it difficult to evade global environmental regulations. however, these smes face difficulties in benefiting from green finance due to their low credit