Discussion
In 1999 RBI introduced ILAF. ILAF stands for:
Answer: B
Correct answer: Interim Liquidity Adjustment Facility
The Interim Liquidity Adjustment Facility was introduced in April 1999 on the Narasimham Committee's recommendation, as a transitional arrangement that consolidated the RBI's various refinance and support facilities into a single framework.
It was replaced by the full Liquidity Adjustment Facility in June 2000, which moved to auction-based repo and reverse repo operations. The word "interim" records exactly that: a bridge between the older, fragmented refinance arrangements and the modern corridor system.
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