Modi had promised during his election campaign that a decision on loan waiver would be taken at the first cabinet meeting of the BJP government in the state.
'The prime minister's comment on 'revdi culture' was welcome. But I am disappointed he did not follow up on that.' 'All political parties, including the BJP, have been guilty of this.' 'Now, Modi's guarantees, the Congress's 'nyay' path and both ruling and Opposition parties are vying with each other for freebies in my home state Andhra Pradesh.'
Public sector banks may have to bear a burden of Rs 1,800-2,000 crore arising due to a recent Supreme Court judgement on the waiver of compound interest on all loan accounts which opted for moratorium during March-August 2020, sources said. The judgement covers loans above Rs 2 crore as loans below this got blanket interest on interest waiver in November last year. Compound interest support scheme for loan moratorium cost the government Rs 5,500 crore during 2020-21 and the scheme covered all borrowers including the prompt one who did not avail moratorium.
A nationwide strike called by trade unions to protest against the central government's labor policies had a mixed impact across India. While normal life remained largely unaffected in most parts of the country, some sectors like banking, transport, and insurance experienced disruptions. Sporadic incidents of violence were reported in West Bengal.
In a festival gift to borrowers, the finance ministry on Wednesday approved guidelines for a scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months of loans up to Rs 2 crore.
Anti-corruption activist Anna Hazare on Sunday claimed to have sufficient proofs of alleged irregularities committed in the farmers' loan waiver scheme of the Centre which was brought out by a Comptroller and Auditor General report recently.
Uttar Pradesh's leading export hubs are reeling under the impact of a steep 50 per cent tariff imposed by the US on Indian imports, with exporters warning of job losses, stalled orders and shrinking market access. Industry leaders from Noida, Kanpur and Varanasi said the tariff has put years of painstaking market-building at risk, even as protests and demonstrations erupted in several districts last week.
'There are tall personalities who have utilised Mumbai and Maharashtra for their career growth, but they never thought it is their responsibility to learn Marathi.'
From tackling visa woes to admission counselling, rediffGURU Dr Karan Gupta helps you choose the right course and country to study abroad.
The Supreme Court on Wednesday said the Centre should implement "as soon as possible" the interest waiver on loans of up to Rs 2 crore under the RBI's moratorium scheme in view of the Covid-19 pandemic, saying the common man's Diwali is in the government's hands.
The government on Wednesday sought Parliament's approval for additional net cash spending of nearly Rs 43,060 crore (Rs 430.60 billion) for 2007-08. This includes Rs 10,000 crore (Rs 100 billion) for creating a Farmers Debt Relief Fund for waiving the debt of small farmers. The expenditure outgo is part of the third and final batch of supplementary demands of grants for the current fiscal that was tabled in the Lok Sabha on Wednesday by Finance Minister P Chidambaram.
The asset quality of microfinance portfolios worsened in the quarter ending June 2024 due to the impact of heatwaves on borrowers' incomes and collections, coupled with rumours of loan waivers, according to Sa-Dhan. Jiji Mammen, executive director and chief executive officer of Sa-Dhan, said loans with 90+ days past due (dpd) rose to 1.2 per cent in June 2024, compared to 0.9 per cent in June 2023. The 90+ dpd also increased from 1.16 per cent in March 2024.
Thackeray also drew a comparison between the current regime and Hitler.
Public sector bank chiefs will have a lot to discuss when they meet Finance Minister P Chidambaram on May 1 to get a broad direction from the government, the majority shareholder in 28 PSBs, for the strategy they should adopt in 2008-09. High on the agenda will be a discussion on implementation of the Rs 60,314-crore.
India's poverty has started to decline due to efforts of the BJP-led government, Modi said.
Banks offer a wide range of group insurance plans -- personal accident, health, hospital cash, home insurance, credit protection, and critical illness.
The government on Friday hiked the debt waiver and relief for small and marginal farmers from Rs 60,000 crore (Rs 600 billion) to Rs 71,680 crore (Rs 718.80 billion).
Economists at the country's largest lender SBI on Wednesday said they see Q2 real GDP growth slowing down further to 6.5 per cent in the September quarter of this fiscal year. Amid concerns over the country's economic growth rate and if it is slowing down, the analysts said they expect FY25 growth to come "closer to" 7 per cent. It can be noted that the April-June period saw the real GDP expanding by 6.7 per cent, the lowest in 15 quarters.
Banks have started refunding borrowers the compound interest charged on specified loan accounts during the moratorium period. Last week, the Reserve Bank of India (RBI) had asked all lending institutions, including non-banking financial companies, to ensure that the scheme of waiver of interest on interest for loans up to Rs 2 crore for the six-month moratorium period is implemented by November 5.
The government is considering giving more time to farmers to repay their loans under the debt relief programme that allows parital loan waiver to large farmers.
A panel of Union ministers will hold a fourth round of talks with farmer leaders in Chandigarh on Sunday over their demands, including loan waiver and bringing an ordinance on giving legal guarantee to a minimum support price (MSP) for crops.
Generally, a district collector declares crops in his area as being affected due to a catastrophe, which automatically triggers favourable treatment of bank loans, under which the affected dud loans are not treated as bad loans, Rajan said.
Here are the main factors that impact the November 23 elections in the state.
Tata Sons Ltd, the holding company of the $150 billion Tata group, may be forced to infuse fresh capital into its loss-making telecom arm, Tata Teleservices Ltd (TTSL). This is because TTSL has to pay Rs 19,256 crore adjusted gross revenue (AGR) along with other dues to the central government by March 2026.
However, finding the funds to fulfill them will be a herculean task.
The farmers of the state have been demanding a complete waiver of loans and electricity bills.
The govt said Rs 30,729 crore was required for waiving loans of small and marginal farmers.
Despite steady loan growth, the banking sector is expected to report subdued margins in the quarter ending June 2024 (Q1FY25), driven by high demand for deposits amidst tight liquidity conditions. However, according to Bloomberg analysts, listed banks are forecasted to see a 14.5 per cent year-on-year (Y-o-Y) increase in net profit. Estimates showed that banks' net interest income (NII), and revenues from interest minus interest expenses might grow 11.9 per cent Y-o-Y.
'Look not just at the interest rate but also the processing fee.'
The chief minister said he has certain compulsions as a politician.
'We need to be far more careful given the fact that while this is group lending, it's essentially unsecured.'
P V Subramanyam takes a hard look at the pros and cons of both options.
Real estate developers are hoping that the slew of tax concessions announced in Union Budget 2025, set to take effect this financial year, will spur demand for affordable and mid-segment housing, even as the broader housing market shows signs of fatigue.
Against predictions by most exit polls that the ruling Congress had an edge in the state, the BJP banked heavily on the charisma of the PM.
The Haryana police in Ambala district Thursday said they will be seeking cancellation of passports and visas of those found indulging in acts of vandalism during the ongoing farmers' agitation.
If banks cannot charge interest from borrowers during the moratorium, who will bear that cost? Should the depositors subsidise the borrowers by foregoing interest on deposits? In that case, we will turn banking on its head! notes Tamal Bandyopadhyay.
Onion supply in Nashik low but is expected to normalise in a couple of days
The second phase of Rahul Gandhi's 'Bharat Jodo Nyay Yatra' in Jharkhand, which was scheduled to commence on Wednesday, has been cancelled, a party official said.
