As a result of this moratorium, individuals' EMI payments of loans taken will not be deducted from their bank accounts, providing much needed liquidity to borrowers whose income has been disrupted due to the lockdown till May 31.
'Increased allocations for MNREGA could have provided the much needed push to rural demand and consumption at a time when recovery continues to remain uneven.'
Tamil Nadu is the celebrated home of the 'social justice' movement in the country, yet caste differences and violence has only been increasing in numbers and becoming more brutal in recent years, observes N Sathiya Moorthy.
World Bank is expected to extend $2.5 billion loans to India this fiscal, which is lower than the targeted $3 billion annually during 2004-07.
The committee's suggestion that existing commercial banks be allowed to hold payment banks as subsidiaries is also seen as unviable by RBI and the finance ministry.
India's lack of financial inclusion is well known but that slightly more than 50 per cent of the population just has a simple savings bank account is distressing.
There are about 5.7 crore small entrepreneurs.
Personal loans continued to grow at a robust pace and recorded a 13.5 per cent year-on-year rise in March 2021, while industrial loan growth remained negative during all quarters of the last fiscal, the Reserve Bank of India said on Tuesday. As per the Quarterly Basic Statistical Returns (BSR)-1: Outstanding Credit of Scheduled Commercial Banks (SCBs), March 2021' released by the RBI, private sector banks registered a higher loan growth compared to the other bank group.
Just as political battles hot up along with rural polls in West Bengal, a certain report in the most circulated regional daily Anandabazar Patrika has caused major discomfort for the Left Front.
'The real estate sector has been badly bruised because it has become too reliant on funding from NBFCs, including housing finance companies. 'When the NBFC industry was rocked late last year by a large default, the real estate sector was hit hard. 'An intricate web of links between rural incomes, construction activity and shadow banks are fuelling the economic slowdown', says Pranjul Bhandari.
