Padho Pardesh : 100% Interest subsidy to students of minority communities

Students who belong to minority communities’ viz. Muslims, Christians, Sikhs, Buddhists, Jains, and Parsis are eligible for 100% interest subsidy on education loan. This assistance is available to students who have secured admission in foreign Universities to pursue higher studies (i.e Post-Graduate Diploma, Masters, M.Phil and Ph.D level) and whose overall family income is not…

Classification of priority sector advances: Overdraft in PMJDY accounts

The overdraft extended by banks up to Rupees Five thousand in Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts will be eligible for classification under priority sector advances. RBI circular dated 25.02.2015 notifies that  the overdraft under PMJDY can be classified as priority sector advances (‘others’ category) as also weaker sections, provided the borrowers household annual income…

Do you know the meaning of ‘Non-Cooperative Borrowers’?

The definition of Non-Cooperative Borrowers is originally defined in RBI circular dated 26.02.2014 on ‘Frame work for Revitalizing Distressed Assets in the Economy-Guidelines on Joint Lenders’ Forum (JLF) and Corrective Action Plan (CAP). The definition of a Non-Cooperative Borrower as contained therein is now modified by RBI which reads as under: “A non-cooperative borrower is…