-The Indian Express Launched in June to help vendors amid the pandemic, the PM SVANidhi scheme is a micro-credit facility that provides street vendors a collateral-free loan of Rs 10,000 at concessional rates of an estimated 7.25%. After being nudged by municipalities to step up loan disbursements under the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) programme, banks are writing back to report that many of these collateral-free loans are turning into...
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Explained: Balance sheet of a bad bank -Sunny Verma and George Mathew
-The Indian Express As the problem of non-performing Assets persists in a sector stressed by the pandemic, the RBI Governor has agreed to look at a proposal for creating a bad bank. What are the arguments for and against the concept? Mumbai, New Delhi: The idea of setting up a bad bank to resolve the growing problem of non-performing Assets (NPAs), or loans on which borrowers have defaulted, is back on the...
More »Constructive critique is our role, says CAG -Rajeev Jayaswal and Neeraj Chauhan
-Hindustan Times CAG reports in the past have been questioned by critics, for instance its estimate that the 2007-2008 allocation of 2G spectrum had caused a notional loss to the exchequer of ₹1.76 lakh crore, and that the allotment of coal blocks had caused a similar loss of ₹1.86 lakh crore. The Comptroller and Auditor General of India (CAG), Girish Chandra Murmu, says the government auditor is adopting a policy of “constructive...
More »RBI Warns Gross NPAs of Banks May Escalate to 14.8% in September in Absence of Adequate Capital
-Moneylife.in While highlighting the need for proactive building up of adequate capital for banks to withstand possible asset quality deterioration, the Reserve Bank of India (RBI) has warned that the gross non-performing Assets (GNPAs) of scheduled commercial banks (SCBs) may escalate to 14.8% under a severe stress scenario. In its financial stability report (FSR), the central bank says, "Macro stress tests incorporating the first advance estimates of gross domestic product (GDP) for...
More »Rajasthan bringing MGNREGA audits in line with village plans
-The Hindu Jaipur: The Congress government in Rajasthan has initiated action to bring the concurrent social audits of the Mahatma Gandhi National Rural Employment Guarantee Act’s (MGNREGA) works at village panchayats in line with the annual village plans. A target has been set to complete the exercise by January 26. Chief Secretary Niranjan Arya said here on Wednesday that socially excluded groups would be included in the planning process, with the emphasis...
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