Overdraft facility under PMJDY scheme now doubled
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…
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What are Latest guidelines on Loan System for Delivery of Bank Credit?
The draft on guidelines on Loan System for Delivery of Bank Credit released by RBI on December 6, 2018 states that the new guidelines on ‘Loan System for Delivery of Bank Credit’ for borrowers having aggregate fund-based working capital limit of ₹1500 million and above from the banking system will be effective from April 1,…
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FAQs on education loan scheme
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…
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What are the multiple guarantees offered by NCGTC?
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…
RBI revises Priority Sector target and classification
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…
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