A Government-backed Alternate Investment Fund (AIF) has sanctioned ₹ 12,079 crore to help complete 123 stuck housing projects. The AIF, set up extend last-mile funding, that will enable the completion of 81,308 houses. The Finance Minister Nirmala Sitharaman’s office tweeted on Thursday that "As of October 5, final approval for investments of ₹ 4,197 crore in 33 projects has been granted by the fund, set up under the Special Window for Affordable and Mid Income Housing (SWAMIH)." The above … [Read more...]
SBI tied up with HUL for easy credit access and payment solutions to retailers
On 1st October, 2020 India's largest public-sector lender SBI, and packaged consumer goods company HUL (Hindustan Unilever Limited) announced a partnership to enable credit access to small dealers, retailers, and customers. As well as the partnership among both will also offer digital payment solutions for small store owners and distributors of the company’s products. After the tie-up with SBI, HUL's retailers will be able to avail credit facility through HUL's 'Shikhar' app. HUL's Shikhar app … [Read more...]
Banks sanctions ₹ 1.86 lakh crore to 50 lakh MSMEs under the Credit Guarantee Scheme
On 1st October, 2020 the Finance Minister said that "the banks have sanctioned loans of about ₹ 1.86 lakh crore to 50 lakh business units under the ₹ 3 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector, impacted by a slowdown due to the coronavirus pandemic." Till 29th September over 27 lakh MSME units have received about ₹ 1,32,246 crore. The scheme is the biggest fiscal component of the ₹ 20 lakh crore Aatmanirbhar Bharat Abhiyan package, announced by Finance … [Read more...]
PNB launches a campaign Gram Sampark Abhiyan
India's State-owned bank the Punjab National Bank launched a financial inclusion, and literacy initiative "Gram Sampark Abhiyan". PNB said in a statement that "This campaign was launched by Narender Singh Tomar (Minister of Agriculture and Farmers Welfare)." PNB also stated in a statement that "The campaign is centered on four key themes — digital, credit, social security and financial literacy that will encapsulate various activities and prescribes the cherished theme of 'Aatmanirbhar … [Read more...]
Understanding of LIC Pradhan Mantri Vaya Vandana Yojana
LIC Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a Pension Scheme announced by the Government of India for the senior citizens, above 60 years of age that assures guaranteed pension for 10 years. The scheme was available from 4th May 2017 to 31st March, 2020. Further, the scheme is now extended up to 31st March, 2023 for a further period of three years beyond 31st March, 2020. The Scheme will provide an assured pension of 7.40% p.a. that will be payable monthly. The scheme can be … [Read more...]