In general terms loans and debts are synonyms for liabilities. When you look at a balance sheet of a company, at the left side of the balance-sheet (liability side) below the heads like share capital, reserves etc. you may find a head ‘loans and debts’ where the company shows the money raised by it by…
The notification dated September 6, 2018 of finance ministry, Government of India increased the monetary limit up to Rs.20 lakh for filing loan recovery application in the Debt Recovery Tribunals (DRT) by banks and financial institutions. It is reported that there are 38,376 cases pending in 39 debt recovery tribunals (DRTs) in the country, as…
Mr. Arun Jaitley Finance Minister of India announced today (September 5, 2018) that the Government of India decided to make Pradhan Mantri Jan Dhan Yojana ( PMJDY) an open-ended scheme, meaning that the scheme will continue indefinitely. The minister said that in view of the above scheme has been “runway success” the Government made it…
The calculation of legal due date of a bills of exchange is dependent on the type of bills of exchange viz. Demand bill or term bill. As the name suggests, a demand bill or sight bill is payable on demand (on presentation)/at sight. Whereas, a term bill (also known as ‘Usance Bill’) is payable after…
Q: How the education loan granted to a minor student binds him to repay the loan, as he is not the executant of loan documents? What is the procedure to be followed in cases of minor students as borrowers? Reply: If the student is a minor, then the parent/guardian would execute loan documents on behalf…
A revised Model Educational Loan Scheme (2015) for Pursuing Higher Education in India & abroad was formulated by IBA and circulated to member banks for adaption and implementations vide IBA circular no. CIR/RB-ELS/6 dated 17th August 2015. The scheme provides broad guidelines to the banks for operationalizing the educational loan scheme and the implementing bank…
National Credit Guarantee Trustee Company Ltd [NCGTC] was set up by the Department of Financial Services, Ministry of Finance, Government of India incorporated under the Companies Act 1956 on March 28, 2014. NCGTC, inter alia, act as a common trustee company to manage and operate various credit guarantee trust funds. At present, there are five…
It is a Government of India scheme known as Central Scheme to provide Interest Subsidy (CSIS) for the EWS students to pursue Technical/ Professional education studies in India. This scheme is independent of any other schemes which may cater to Economically Weaker Sections. Under the scheme the interest payable on education loan by the students…
RBI vide its communiqué RBI/2017-18/190 FIDD.CO.FSD.BC.No.21/05.04.001/2017-18 dated June 7, 2018 advised all the Public & Private Sector Scheduled Commercial Banks as an interim measure, the Interest Subvention Scheme will be implemented in 2018-19 till further instructions are received from the Government, on the terms and conditions approved for the Scheme for 2017-18. It is communicated …
Update :In terms of Reserve Bank’s extant guidelines on lending to priority sector, a target of 40 percent of Adjusted Net Bank Credit (ANBC) or Credit Equivalent amount of Off-Balance Sheet Exposures (OBE), whichever is higher, as on March 31 of the previous year, has been mandated for lending to the priority sector by domestic…