The Pradhan Mantri Awas Yojana (PMAY) (URBAN), was formerly called Indira Awas Yojana and was renamed in March 2016. Housing for All was a mission that was launched by the Government of India targeted at promoting with the aim of boosting homeownership. It aimed at achieving ‘Housing for All’ by the year 2022. All statutory…
Updated on 25.06.2021 (As per the new definition, Written Down Value (WDV) as at the end of the Financial Year as defined in the Income Tax Act and not cost of acquisition or original price, which was applicable in the context of the earlier classification criteria. All enterprises are required to register online and obtain…
Updated on 24.06.2021 Banks that are nominated to import gold as per extant instructions of RBI, may extend Gold (Metal) Loans to domestic jewellery manufacturers, (who are not exporters of jewellery) for non-export purposes and also to the jewellery manufacturers and exporters. Gold (Metal) Loans can be sanctioned only to gold jewellers, who are themselves…
RBI on June 04, 2021 permitted lending institutions to offer a limited window to individual borrowers and small businesses to implement resolution plans in respect of their credit exposures while classifying the same as Standard upon implementation of the resolution plan subject to certain conditions under the framework. RBI in its circular DOR.STR.REC.11/21.04.048/2021-22 on “Resolution…
The Government has enlarged the scope of ECLGS in order to support Covid-hit MSMEs further and business across various sectors of the economy. The Finance Ministry on Sunday announced a three-month extension of its Rs 3 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) to September 30, 2021, from June 30, 2021, or till guarantees…
The Reserve Bank of India (RBI) has decided to open an “On-tap Liquidity Window for Contact-intensive Sectors” aggregating Rs15000 crores till March 31, 2022. These sectors include hotels and restaurants, tourism, rent-a-car service providers. In the Statement on Developmental and Regulatory Policies announced by RBI on 04.06.2021, RBI Governor Shaktikanta Das announced that “In order…
The Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday announced that banks are allowed to utilise100 per cent of floating provisions/counter-cyclical provisioning buffer for making specific provisions for non-performing assets. RBI in its circular dated May 5, 2021 stated that “In order to mitigate the adverse impact of COVID 19 related stress on…
RBI on Wednesday announced provision of immediate liquidity for ramping up COVID related healthcare infrastructure and services in the country, an on-tap liquidity window of ₹50,000 crore with tenors of up to three years at the repo rate is being opened till March 31, 2022. Wide range of entities including vaccine manufactures; importers/suppliers of vaccines…
RBI on Wednesday (5th May) announced Resolution Framework 2.0 targeting individual, small businesses and MSME borrowers. In terms of RBI’s Febraury 5th circular, Scheduled Commercial Banks were allowed to deduct the amount equivalent to credit disbursed to new MSME borrowers from their Net Demand and Time Liabilities (NDTL) for calculation of the Cash Reserve Ratio…
In our previous posts we talked about (1) Tax audit, (2) What is the stock audit, and (3) What is a forensic audit? (4) What is a Legal Audit? (5) Concurrent Audit System in bank. (6) What is a statutory audit? In this post let us study how the loan accounts are verifying the loan…