Banks have sanctioned 62.52 per cent of the targeted Rs 3 lakh crore under the ECLGS for stressed MSMEs, while disbursements were at 45.38 per cent of the total amount as of October 5, up from 47.7 per cent sanctions and 32.9 per cent disbursements recorded as on August 12.
Loan cash back scheme: A borrower with a Rs 50 lakh home loan outstanding, for example, will get a benefit of around Rs 12,425 in the form of savings on accounts of compound interest for a six months period, assuming the rate of interest at 8 per cent.
Sources said that after a detailed assessment of surplus land assets, various ministries are now ready to go ahead with monetisation of idle parcels for commercial development and infrastructure creation.
As of September 29, 12 public sector banks, 24 private banks and 31 non-banking financial companies (NBFCs) sanctioned Rs 1.86 lakh crore under the scheme, of which Rs 1.32 has been disbursed to 27.09 lakh borrowers, government data shows.
If you had a loan outstanding of Rs 50 lakh for a remaining term of 19 years (228 months) at the beginning of the moratorium period and your interest rate was 8 per cent, the interest cost for the six-month period of the moratorium will come at close to Rs 2 lakh. This will have to be paid.
The priority, the sources said, will be vetting documents and agreements of companies in the information technology and finance sector. The scope of the probe will, however, be expanded in time to cover other strategic and non-strategic sectors.
He said the Commission, in the backdrop of Covid-19 pandemic and its impact on the economy, is debating whether there is a need for a different approach in determining the targets for fiscal deficit and debt consolidation.
While the Bill seeks to bring cooperative banks under the supervision of the RBI, Finance Minister Nirmala Sitharaman asserted that the proposed legislation does not mean regulation of cooperative banks by the central government.
Mudra loan disbursements by state-owned banks rose to Rs 3.82 lakh crore in 2019-20, from Rs 3.05 lakh crore in 2018-19 and Rs 2.12 lakh crore in 2017-18. NPAs as a percentage of total loans rose to 4.92 per cent in 2019-20 from 3.42 per cent in 2017-18.
While the over 3% agriculture growth in the first quarter factored in strong Rabi procurement, with high-price realisations getting reflected in the output numbers, fresh data from mandis indicate a slide in the prices of the intercrop produce — horticulture, milk and poultry etc.
The Kamath committee noted that corporate sector debt worth Rs 15.52 lakh crore has come under stress after Covid-19 hit India, while another Rs 22.20 lakh crore was already under stress before the pandemic.
Data from the RBI shows that in the 15-month period, the weighted average lending rates on outstanding rupee loans has come down by only 53 bps or almost one-fifth of the cut in repo rate — the rate at which the RBI lends to commercial banks.