How to submit PMEGP loan application online?
Any individual, above 18 years of age. At least VIII standard pass for projects costing above Rs.10 lakh in the manufacturing sector and above Rs. 5 lakhs in the business / service sector. Only new projects are considered for sanction under PMEGP. Online submission of applications for loans under PMEGP is mandatory and no manual…
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What are the conditions apply for loan against FCNR/NRE deposits?
Q: Is there any upper limit for loans against security of NRI’s term deposits like FCNR/NRE? Ans.: Except usual margin requirement, no upper ceiling is prescribed for loans to NRIs or third parties in India against security of FCNR/NRE deposits. However, the loan shall be for the purpose other than the investments specified in FEMA…
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What are the key activities of NABARD?
The National Bank of Agriculture and Rural Development (NABARD) was initially promoted by the Reserve Bank of India in 1982 under the National Bank of Agriculture and Rural Development Act 1981. By its establishment, NABARD substituted the Agricultural Credit Department (ACD) and Rural Planning and Credit Cell (RPCC) of the Reserve Bank of India, and…
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Loans to weaker section category explained
The weaker sections of our society are the socially backward/ minority communities at national level or the people belonging to economically low income group. Normally, such people may not easily get timely and adequate credit without the priority credit dispensation of RBI. As per RBI’s priority sector approved plan, Banks have to achieve weaker section…
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OLd definitions of Micro, Small & Medium Enterprises (MSMEs)
The definition of MSMEs revised from July 1, 2020, Please read the following post for latest amendment. New criteria for the classification of MSME effective from July 1, 2020 The new criteria supersede the following article (You may refer following article only for reference to old date details). The MSMED Act 2006 classifies Micro, Small…
Why do small and medium enterprises not get adequate bank finance?
Although, commercial banks and other financial institutions have been making steady strides to increase their share of credits to the MSE sector, but they have certain difficulties in sanctioning limits to SME borrowers. In an environment of NPA numbers in the banking sector alarmingly swelling, banks themselves are under stress and facing challenges to raise…
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