Data from the Reserve Bank of India shows that loan outstandings of micro and small units have fallen by 2.14 per cent to Rs 365,000 crore as on December 21, 2018 from Rs 373,000 crore in March 2018, a decline of Rs 8,000 crore.
Credit growth to the farm sector fell to a low of 3.8 per cent during the fiscal ended March 2018 and improved marginally to 8.4 per cent, which is much lower than the overall non-food bank credit growth of 12.8 per cent as of December 2018.
The Reserve Bank is likely to wait till the post-election budget in June or July, which should provide additional guidance on the medium term outlook and the possibility of a rate cut, said an analyst.
For salaried persons, the standard deduction is being raised from the current Rs 40,000 to Rs 50,000, which will give additional tax benefit of over Rs 3000 to over 3 crore salary earners and pensioners.
While ICICI Bank disbursed the loans to Videocon on September 7, 2009, Dhoot transferred Rs 64 crore to Deepak Kochhar, Chanda Kochhar’s husband on the next day (September 8), according to FIR filed by the CBI.
One of the contentious issues in the conflict between the government and the RBI under Urjit Patel was the size of the central bank’s reserves, which at Rs 9.6 lakh crore was then perceived as being excessive by the government.
Banking sources said the LIC may have to cut down its stake in other banks as the promoter of a bank cannot hold more than 5 per cent stake in other banks. LIC holds sizeable stake in many PSU banks, including SBI, and nominee directors in some of them.
The total assigned capital of foreign reinsurance branches increased to Rs 2,570.35 crore, as of March 2018, from Rs 1,117.81 crore, as of March 2017, the insurance regulator said in its Annual Report.
According to the annual report of the Insurance Regulatory and Development Authority of India (IRDAI), as much as Rs 11,905.89 crore was collected by 11 private sector insurers as premium, but they faced insurance claims of only Rs 8,831.78 crore.
As there are 21.6 crore small and marginal farmers — most of whom are not in a position to repay the loan or put collateral — such a scheme is the only way to support their fund requirements, apart from ensuring market prices for their produce.