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RBI announces loan moratorium to individuals, small borrowers – Check eligibility

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RBI on Wednesday allowed certain individual and small borrowers more time to repay debt and allowed banks to give priority loans to vaccine makers, hospitals and COVID-related health infrastructure as it announced support measures to cushion the pandemic’s blow on the economy.

The moratorium of up to two years will be available to individuals and small and medium enterprises that did not restructure their loans in 2020 and were classified as standard accounts till March 2021, RBI Governor Shaktikanta Das in an unscheduled address. This facility will be available to borrowers with a total exposure of Rs 25 crore.

RBI will give Rs 50,000 crore of liquidity support to banks for providing fresh lending “to a wide range of entities including vaccine manufacturers; importers/suppliers of vaccines and priority medical devices; hospitals/dispensaries; pathology labs; manufactures and suppliers of oxygen and ventilators; importers of vaccines and COVID related drugs; logistics firms and also patients for treatment,” he said.

These loans of up to 3 years tenor will be obtainable at repo rate and will be available till March 31, 2022. He also announced a calendar for bond-buying.

Just as the economy appeared to be inching back to normalcy, India was hit by a second wave of infections in early April, prompting states and cities to restrict public movements and impose lockdowns, which have hit some businesses hard.

India added 3,82,315 virus cases over the last 24 hours to reach a total of 2.06 crore, while death rose by a record 3,780 to 226,188, health ministry data showed.

RBI has been meeting with bankers and shadow lenders (NBFCs) in recent weeks to discuss the economic situation, possible stress to balance sheets and credit flow in the system.

Bankers had reportedly asked the RBI for a three-month moratorium, particularly for retail and small borrowers, as the world’s fastest rising pandemic curve began hurting businesses and jobs, with potential to inflate bad loans (defaults).

“The devastating speed with which the virus affects different regions of the country has to be matched by swift-footed and wide-ranging actions that are calibrated, sequenced and well-timed so as reach out to various sections of society and business, right down to the smallest and the most vulnerable,” Das said.

RBI will buy Rs 35,000 crore of bonds under ”Government Securities Acquisition Programme” (G-SAP) — India’s version of quantitative easing — on May 20. It has also allowed banks to dip into their floating provisions to set aside money for bad loans.

Das said the central bank sees outlook ”highly uncertain” and clouded with downside risks, but doesn’t see a major change to inflation forecast.

“As the financial year 2020-21 (April 2020 to March 2021) – the year of the pandemic – was drawing to a close, the Indian economy was advantageously poised, relative to peers. India was at the foothills of a strong recovery, having regained positive growth, but more importantly, having flattened the infection curve. In a few weeks since then, the situation has altered drastically,” he said.

While a battle is mounted to deal with the unprecedented crisis, shoring up livelihoods and restoring normalcy in access to workplaces, education and incomes has become an imperative, he said.

“As in the recent past, the RBI will continue to monitor the emerging situation and deploy all resources and instruments at its command in the service of the nation, especially for our citizens, business entities and institutions beleaguered by the second wave.”

On the economic outlook, the governor said the global economy is exhibiting incipient signs of recovery but activity remains uneven across countries and sectors.

In India, the record foodgrains production and buffer stocks in 2020-21 provide food security and support to other sectors of the economy in the form of rural demand, employment and agricultural inputs and supplies, including for exports. But aggregate demand conditions, particularly in contact-intensive services, are likely to see a temporary dip.

A normal south-west monsoon, as forecast by the IMD should help to contain food price pressures, especially in cereals and pulses, he said adding the inflation trajectory over the rest of the year will be shaped by the COVID-19 infections and the impact of localised containment measures on supply chains and logistics.

Das said under the Rs 50,000 crore term liquidity facility, banks are expected to create a COVID loan book under the scheme.

RBI will also conduct special three-year long-term repo operations (SLTRO) of Rs 10,000 crore at repo rate for small finance banks (SFBs) which will be deployed for fresh lending of up to Rs 10 lakh per borrower. This facility will be available till October 31, 2021.

Das also announced rationalisation of certain components of the extant KYC norms including extending the scope of video KYC for new categories of customers.

Other measures included relaxation in overdraft facility for state governments.

“The second wave, though debilitating, is not unsurmountable,” Das said. “At the RBI, we stand in battle readiness to ensure that financial conditions remain congenial and markets continue to work efficiently. We will work in close coordination with the government to ameliorate the extreme travails that our citizens are undergoing in this hour of distress.”

 

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Aadhaar card address change online: A step-by-step guide

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Adhaar card has become a really crucial document in India for availing several benefits offered by the Indian government under different schemes. However, for availing many benefits, your address on the Aadhaar card needs to be updated.

If you relocated and want to update your address on your Aadhaar card then we have good news. The Unique Identification Authority of India (UIDAI) recently allowed users to update their address online on the official portal. Also Read: India slams UN Rapporteurs’ criticism of new IT rules, says our democratic credentials are well recognised

In a tweet, UIDAI had said that the Aadhaar Card address can be updated online through Aadhaar Self Service Update Portal at sup.uidai.gov.in/ssup/. All you need to do is upload the required documents on the online portal to update your Aadhaar Card address.

Here’s how to change your Aadhaar card address online:

1. You need to log in to the official portal which is ssup.uidai.gov.in/ssup/.

2. Select the ‘Proceed to Update Aadhaar’ button.

3. Login using your 12-digit Aadhaar card and Verify your details with a security code or captcha code.

4. You will then have to click the ‘Send OTP’ button. The OTP will arrive on the Aadhaar-registered mobile number.

5. Log in to the portal by entering the OTP.

6. Select the ‘Edit Address’ option.

7. Enter details of your new address.

8. After entering the details, you need to upload the address proof which has the new address.

9. Click the ‘Submit’ button, and your Aadhaar card address will be updated in no time.

 

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Get Rs 5 lakh in exchange of 2 rupee coin, here’s how

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A lot of people have this hobby of collecting rarest coins which finds no place in circulation or it is no longer in use. But if you luckily have a two rupee coin, you can easily get a chance to win Rs 5 lakh as the advertisement on Quikr shows.

Many buyers on the Bengaluru-based website are showing interest in giving a huge amount in return for the old coin.

This two rupee coin is made in 1994 and has an Indian flag on one side, and its value on the Quikr website is said to be Rs 5 lakh. Meanwhile, the value of one rupee coin is worth Rs 2 lakh.

While the other one rupee coin which was minted in 1918 is said to be worth Rs 9 lakh.

If you have these rare coins, it can fetch a lump sum amount, given the fact that you negotiate properly with the buyer.

There is a website called Coinbazzar which basically provides a platform for buyers for selling old notes and with the help of that platform you can sell an old Rs 10 note in order to get Rs 25,000 in return.

 

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Good news for govt employees: Details Inside

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52 lakh central government employees, central government servants (CGS), and more than 65 lakh pensioners are all set to start receiving Dearness Allowance (DA) benefits approved under the 7th Pay Commission from July 1, 2021.

The Central government has recently confirmed in the parliament about the rollout of stalled dearness allowance (DA) and dearness relief (DR) from next month. However, many employees are still confused about how much salary they will get from next month onwards according to their 7th pay commission matrix.

Currently, dearness allowance is paid at 17% of the basic pay. The DA will be increased by 11% to 28% after it will be reinstated from July 2021 onwards.

The 11% hike comes after adding three pending DA hikes, including a 3 per cent jump in DA from January to June 2020, a 4 per cent rise from July to December 2020, and a 4 per cent increase from January to June 2021. Also Read: Delhi unlock: Curbs eased further, bars and public parks to re-open

How to calculate salary after DA hike?

In the 7th Pay Commission, the salary of a central government employee consists of three components: basic salary, allowances and deductibles. The minimum basic salary of central government employees according to the pay matrix is Rs 18,000.

On the existing pay matrix, Rs 2,700 per month will be directly added to the basic salary of the central government employees. With the hike, employees’ total dearness allowance will increase by Rs 32,400 on annual basis.

Will central government employees get DA arrears?

The employees of the Central government are requesting the Centre to pay DA arrears. However, the government has already made it crisp and clear that no arrears will be paid for DA hike that would have been come into effect a lot earlier has there been no pandemic.

 

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Covid-19 Stats

22 Jun 2021, 4:08 AM (GMT)

Coronavirus Stats

30,002,691 Total Cases
389,661 Death Cases
28,950,726 Recovered Cases

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