RBI permits one-time restructuring of MSME advances till December 31, 2020 RBI on Tuesday (11.02.2020) allowed a one-time restructuring of existing loans extended to MSMEs by Banks and NBFCs and permitting them to classify such assets as ‘Standard’ without a downgrade in the asset classification if the following conditions are met. • The aggregate of…
Reserve Bank on Wednesday (February 5, 2020) said that the statutory auditor’s certificate in respect of interest subvention claim may be submitted by June 30, 2020, and in the meantime settle claims based on internal/concurrent auditor certificate. As per earlier covenants, the interest subvention would be released only on the basis of claim duly certified…
Agriculture is back bone of Indian economy which provides employment and livelihood to a large section of the Indian population. As per ILO estimate of 2018, approximately 44% of the working population is employed in the agriculture and allied sector. The vast farming area, diverse agriculture and a large population dependent on agriculture and also…
[This writing provides insight of internal and external causes of rural indebtedness, challenges before banks and financial institution in rural areas, operation of formal and informal lending system in rural areas and discusses experts’ suggestion on facing high level of delinquency in lending to agriculture sector especially to small and marginal farmers, oral lessees, tenant…
National Agriculture Market (eNAM) is a pan-India electronic trading portal which networks the existing APMC mandis to create a unified national market for agricultural commodities. The scheme envisages the implementation of the NAM by setting up of an appropriate common e-market platform that would be deployable in selected 585 regulated wholesale markets in States /…
The soil health card (SHC) is a printed report which contains status of a farmer’s soil with respect to 12 parameters, namely N,P,K (Macro-nutrients); S (Secondary- nutrient); Zn, Fe, Cu, Mn, Bo (Micro – nutrients); and pH, EC, OC (Physical parameters). Based on the above findings on the specific soil report, SHC recommends for dosage…
Pradhan Mantri Krishi Sinchai Yojana (PMKSY) has been formulated in 2015 by amalgamating ongoing schemes viz. Accelerated Irrigation Benefit Programme (AIBP) of the Ministry of Water Resources, River Development & Ganga Rejuvenation (MoWR, RD&GR), Integrated Watershed Management Programme (IWMP) of Department of Land Resources (DoLR) and the On-Farm Water Management (OFWM) of Department of Agriculture…
Today (29.11.2019) RBI has filed an application under insolvency and liquidation proceeding against “ Dewan Housing Finance Corporation Limited” under Section 227 read with clause (zk) of sub-section (2) of Section 239 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rules 5 and 6 of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings…
On Friday (15th November 2019), the Ministry of Corporate affairs notified “Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019”. [TO BE PUBLISHED IN THE GAZETTE OF INDIA, PART II, SECTION 3, SUBSECTION (i)]. The new rule called in short as “Insolvency and Bankruptcy rule 2019” shall come…
Reserve Bank of India (RBI) vide, its circular (DBOD. No. Leg BC.91/09.07.005/2007-08 dated 4th June 2008) mandates that all banking services must be offered to blind and low vision customers without any discrimination. According to the above guidelines, Banks should not equate visually impaired customers with illiterate customers. Banks should ensure that all the banking…