Finance Minister announces Rs 3 lakh crore collateral free automatic loan for businesses

Agencies
May 13, 2020

New Delhi, May 13: Finance Minister Nirmala Sitharaman on Wednesday announced Rs 3 lakh crore collateral-free automatic loan for businesses, including MSMEs.

This will benefit 45 lakh small businesses, she said detailing parts of the Rs 20 lakh crore economic stimulus package.

The loan will have 4-year tenure and will have a 12-month moratorium, she said.

Also, Rs 20,000 crore subordinated debt will be provided for stressed MSMEs, she said adding this would benefit 2 lakh such businesses.

The Finance Minister said a fund of funds for MSME is being created, which will infuse Rs 50,000 crore equity in MSMEs with growth potentials.

Also, MSME definition has been changed to allow units with investment up to Rs 1 crore to be called micro-units in place of Rs 25 lakh now.

Also units with turnover up to Rs 5 crore to be called micro-units, she said, adding a turnover based criteria is being introduced to define small businesses.

The investment and turnover limits for small and medium businesses have likewise been raised to allow them to retain fiscal and other benefits, she said.

Global tenders will be banned for government procurement up to Rs 200 crore, she said, adding this would help MSMEs to compete and supply in government tenders.

Comments

JM
 - 
Thursday, 14 May 2020

Fully automatic loan..... not reachable to poor needy......

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News Network
July 25,2020

New Delhi, Jul 25: India reported a spike of 48,916 coronavirus cases on Saturday, according to the Union Ministry of Health and Family Welfare.

The total COVID-19 positive cases stand at 13,36,861 including 4,56,071 active cases, 8,49,431 cured/discharged/migrated. With 757 deaths in the last 24 hours, the cumulative toll reached 31,358.

Maharashtra has reported 3,57,117 coronavirus cases, the highest among states and Union Territories in the country.

A total of 1,99,749 cases have been reported from Tamil Nadu till now, while Delhi has recorded a total of 1,28,389 coronavirus cases.

According to the Indian Council of Medical Research (ICMR), 4,20,898 samples were tested for coronavirus on Friday and overall 1,58,49,068 samples have been tested so far.

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News Network
February 26,2020

Feb 26: In a midnight hearing, the Delhi High Court directed police to ensure safe passage to government hospitals and emergency treatment for those injured in the communal violence erupted in northeast Delhi over the amended citizenship law.

The court held a special hearing, which started at 12:30 am, at the residence of Justice S Muralidhar after receiving a call from an advocate explaining the dire circumstances under which the victims were unable to be removed from a small hospital to the GTB Hospital.

A bench of Justices S Muralidhar and Anup J Bhambhani directed the Delhi Police to ensure safe passage of the injured victims by deploying all resources at its command and on the strength of this order as well as to make sure they receive immediate emergency treatment if not at the Guru Teg Bahadur Hospital then at the Lok Nayak Jai Prakash Narayan Hospital (LNJP) or Maulana Azad or any other hospital.

The bench also called for a status report of compliance, including information about the injured victims and the treatment offered to them, and the matter will be heard during the day at 2:15 pm.

It said the order be communicated to the medical superintendents of the GTB and the LNJP Hospitals.

The urgent hearing was conducted after advocate Suroor Mander called the judge and sought urgent orders for safe passage of ambulances for the injured.

The Delhi Police and the government were represented through additional standing counsel Sanjoy Ghose.

During the hearing, the bench spoke over phone to doctor Anwar of the Al-hind Hospital in New Mustafabad who told the court that there were two bodies and 22 injured persons there and he had been trying to seek police assistance since 4 pm on Tuesday without success.

The court then directed the senior officials to reach to the hospital forthwith, following which they started the process of evacuating the injured to the nearest hospitals.

It also said this order be brought to the knowledge of the Delhi Police Commissioner.

Communal violence over the amended citizenship law in northeast Delhi claimed at least 18 lives till Wednesday.

On Tuesday, the violence escalated in northeast Delhi as police struggled to check the rioters who ran amok on streets, burning and looting shops, pelting stones and thrashing people.

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Agencies
June 15,2020

Nuapada, Jun 15: In a shocking incident, a 70-year-old elderly woman had to drag her 100-year-old bedridden mother on a cot to the nearby bank to withdraw pension money of Rs 1,500.

The incident came to light after a video of the woman dragging her bedridden mother on a cot to a bank in Odisha's Nuapada district went viral on social media.

The woman from Bargaon village dragged her mother on the cot after the bank official allegedly asked for physical verification. The incident took place on June 9.

"I went to the bank several times in last three months and requested the bank official to release the pension amount. However, the official informed that they would release the pension if I bring my mother to the branch," said Punjimati Dei.

Bank manager Ajit Pradhan allegedly asked Dei to bring her bedridden mother Labhe Baghel to the bank.

Her mother is an account holder under Jan Dhan Yojana of the Central government.

The Centre had announced Rs 500 monthly assistance for women Jan Dhan bank account holders from April to June in view of the COVID-19 situation.

A district administration official informed that the woman reached the bank with her mother before the manager could visit her home for the verification.

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