Distinguish between Re-financing and Re-discounting of bills. Explain the details of Bills Re-discounting Scheme of Reserve Bank of India and the Refinance facilities provided by Development Banks in India.

Refinancing and rediscounting are two financial techniques employed by banks to manage liquidity and provide support to the financial markets. While they are often used interchangeably, there are distinct differences between the two processes in banking and financial management.

Refinancing refers to the process where a bank or financial institution provides funds to another institution or borrower, often to replace an existing loan or credit arrangement. In this context, refinancing involves the provision of fresh funds or the restructuring of an existing credit arrangement at more favorable terms, such as a lower interest rate, extended repayment period, or different payment conditions. It is typically used by banks or financial institutions to enhance liquidity or to offer financial relief to their clients. Banks may refinance loans for both corporate and individual clients.

Rediscounting, on the other hand, refers specifically to the process where a bank or financial institution sells its bills ________ ___ _____ ________ _______.
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