Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
News18 » Business
2-min read

Public Sector Banks Extend Support of Rs 2.56 Lakh Crore to Stressed NBFCs

The finance ministry has effected upfront release of capital to PSBs, with Rs 60,314 crore being infused in banks in September 2019 through recapitalisation bonds, including Rs 4,557 crore in IDBI Bank.

PTI

Updated:October 31, 2019, 10:40 PM IST
facebookTwitter Pocket whatsapp
Public Sector Banks Extend Support of Rs 2.56 Lakh Crore to Stressed NBFCs
Representative image.

New Delhi The finance ministry on Thursday said public sector banks (PSBs) have extended support of Rs 2.56 lakh crore to NBFCs by way of credit and pooled buyout since September 2018 as part of efforts to provide much-needed liquidity to the sector.

Further, under the partial guarantee scheme, PSBs have been accorded sanction to purchase Rs 21,580 crore worth of pooled assets as on October 16, the ministry said in a status report of various stimulus measures announced since August 23 to boost sagging economic growth which hit a six-year low of 5 per cent during the first quarter of the current fiscal.

To address the stress in the sector, Finance Minister Nirmala Sitharaman in the Budget proposed that public sector banks would purchase high-rated pooled assets of financially sound NBFCs, amounting to a total of Rs 1 lakh crore, during the current financial year.

For this, the government will provide a one-time six months' partial credit guarantee to PSBs for first loss of up to 10 per cent.

The finance minister announced several short and long-term measures to boost the economy in three phases between August 23 and September 14, it said.

Out of the total 44 measures announced, 16 have been fulfilled, it said, adding the rest of the announcements are under active consideration by relevant ministries.

Further, it said action on one out of three announcements made for the housing sector has been completed and the other two are being taken up.

In respect to GST refund to MSMEs within 30 days, it said a refund drive was organised and the tax department paid Rs 10,490 crore or 97 per cent of total pending amount of Rs 10,841 crore.

In order to spend Rs 100 lakh crore for developing modern infrastructure over five years, a Task Force under the chairmanship of the economic affairs secretary has been constituted. It will draw up a National Infrastructure Pipeline for each of the years from FY 2019-20 to FY 2024-25.

So far, 12 meetings of the Task Force have been held and deliberations with 17 ministries/departments have been completed.

The finance ministry has effected upfront release of capital to PSBs, with Rs 60,314 crore being infused in banks in September 2019 through recapitalisation bonds, including Rs 4,557 crore in IDBI Bank.

With regard to boosting exports, it said the RBI issued orders on September 20, 2019 for enhancing sanction limits for eligibility of export credit under priority sector lending from Rs 25 crore to Rs 40 crore per borrower and removing overall turnover limit of Rs 100 crore.

The integrated refund module along with single disbursement has been deployed with effect from September 26, it said.

Giving details of announcements implemented, it said e-assessment scheme has been launched, relief has been given from enhanced surcharge on long-term/short-term capital gains and angel tax provisions for startups and their investors have been withdrawn.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
SBI 321.90 5.20
Bharti Airtel 393.05 8.43
ICICI Bank 499.85 0.24
Reliance 1,470.85 0.55
Yes Bank 68.70 -0.07
Company Price Change %Gain
Cipla 463.10 2.57
SBI 322.00 5.19
Bharti Airtel 393.20 8.42
Eris Life 410.15 -0.19
Yes Bank 68.70 -0.07
Top Gainers
Company Price Change %Gain
Bharti Infratel 227.15 8.87
Bharti Airtel 393.05 8.43
SBI 321.90 5.20
Grasim 755.15 2.89
Cipla 463.25 2.63
Company Price Change %Gain
Bharti Airtel 393.20 8.42
SBI 322.00 5.19
Kotak Mahindra 1,623.00 1.60
Sun Pharma 414.90 1.18
Tata Motors 168.60 0.96
Top Losers
Company Price Change %Gain
IOC 131.70 -3.76
Hero Motocorp 2,543.20 -1.87
BPCL 506.55 -1.57
Maruti Suzuki 7,147.20 -1.38
Vedanta 142.10 -1.32
Company Price Change %Gain
Hero Motocorp 2,542.85 -1.85
Maruti Suzuki 7,147.00 -1.38
ITC 250.65 -1.30
Vedanta 142.10 -1.29
NTPC 117.20 -1.14

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results