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Banking facilities in rural areas

To ensure availability of banking outlet (Bank branch/Business Correspondent (BC), within 5 kilometers of all inhabited villages the Government has launched a Geographic Information System (GIS) based app., namely, Jan Dhan Darshak app (JDD app) developed by National Informatics Centre (NIC). This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs in a ...

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Monthly Review of Accounts of Union Government of India upto the month of July, 2020 for the Financial Year 2020-21

The Monthly Account of the Union Government of India upto the month of July, 2020 has been consolidated and reports published. The highlights are given below:- The Government of India has received Rs. 2,32,860 crore (10.4% of corresponding  BE 2020-21 of Total Receipts) upto July, 2020 comprising Rs. 2,02,788 crore Tax Revenue (Net to Centre),  Rs. 24,614 crore of  Non ...

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Partial Credit Guarantee Scheme (PCGS) 2.0 extended with greater flexibility to respond to emerging demands

As part of Aatmanirbhar Bharat Abhiyan, announced by the Government, Partial Credit Guarantee Scheme (PCGS) 2.0   was launched on 20.05.2020 to provide Portfolio Guarantee for purchase of Bonds or Commercial Papers (CPs) with a rating of AA and below issued by NBFCs/HFCs/ MFIs by Public Sector Banks (PSBs). It was envisaged to purchase Bonds/ CPs of Rs. 45,000 crore under PCGS 2.0 of which ...

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Tax system aims to be Seamless, Painless, Faceless : PM

Prime Minister Shri Narendra Modi launched a platform for “Transparent Taxation – Honouring the Honest” today through video conferencing. Speaking on the occasion he said that the process of Structural Reforms in the country has reached new heights today. The Prime Minister said the platform of  “Transparent Taxation – Honouring the Honest, has been launched to meet the requirements of ...

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RBI Allowed Banks to Declare Moratorium on Term Loans

Last week, the Reserve Bank of India has allowed Banks to declare a three-month moratorium on all term loans outstanding as on March 1, 2020, as well as on working capital facilities. The Indian Banks Association has answered a list of Frequently Asked Questions about the technicalities of the moratorium. QUESTION 1: When/what was the RBI announcement? ANSWER: Last week, the Reserve Bank of ...

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Public Sector Banks 

            To strengthen the Public Sector Banks (PSBs), over the last four financial years, the Government of India has taken comprehensive steps under its 4R’s strategy of recognising NPAs transparently, resolving and recovering value from stressed accounts through clean and effective laws and processes, re-capitalising banks, and reforming banks through the PSB Reforms Agenda. Over ...

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Stalled Projects 

The Government of India has set- up a Project Monitoring-Invest India Cell (PMIC), earlier known as Project Monitoring Group, for resolving of issues and fast tracking the setting-up and expeditious commissioning of large Public, Private and Public-Private Partnership (PPP) Projects. However, there is no prescribed criterion for classifying a project as a Stalled Project. The primary focus of PMIC is ...

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Assistance by NABARD 

National Bank for Agriculture and Rural Development (NABARD) has reported that it extends refinance to banks and provides loan assistance to the State Governments for promotion and development of agriculture and other rural activities. State-wise financial assistance provided by NABARD to State Governments during the last three years under various Funds i.e. Rural Infrastructure Development Fund (RIDF), Long Term Irrigation ...

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Bank NPA 

As per Reserve Bank of India (RBI) data on global operations, aggregate gross advances of Public Sector Banks (PSBs) increased from Rs. 18,19,074 crore as on 31.3.2008 to Rs. 52,15,920 crore as on 31.3.2014. As per RBI inputs, the primary reasons for spurt in stressed assets have been observed to be, inter-alia, aggressive lending practices, wilful default / loan frauds ...

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NITI Aayog organises FinTech Conclave 2019 

Over 300 stakeholders from across the Government, Banking and Startup investors chart future of financial technologies To shape India’s continued ascendancy in FinTech, build the narrative for future strategy and policy efforts, and to deliberate steps for comprehensive financial inclusion, NITI Aayog organized a day-long FinTech Conclave in New Delhi today. The Conclave featuredrepresentatives from across the financial space – ...

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