Category - Govt & MSME Schemes

The Union finance ministry said on Monday that it had expanded the scope of the partial credit guarantee scheme (PCGS) to provide greater flexibility to state-owned banks in purchasing bonds and commercial papers of non-banking financial companies (NBFCs).

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The government is looking to make urban co-operative banks eligible to lend under the Rs 3 lakh crore emergency credit line guarantee scheme (ECLGS) for micro, small and medium businesses (MSMES), introduced under the government’s atma nirbhar bharat package.

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The government has approved the third phase of skill development scheme, Pradhan Mantri Kaushal Vikas Yojana (PMKVY), with an increased focus on digital technology and industry 4.0, Union Minister Mahendra Nath Pandey said on Monday.

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President Ram Nath Kovind has promulgated the Banking Regulation (Amendment) Ordinance, 2020 to bring all urban cooperative banks and multi-state cooperative banks under the supervision of the RBI in order to protect the interest of depositors.

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The finance ministry on Monday said banks have sanctioned over Rs 75,000 crore loans so far under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector reeling under stress due to the coronavirus-induced lockdown.

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The government, banks and financial companies, all offer various savings schemes to encourage people to invest their money for a specified period of time and earn periodic returns on their investments.

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India Post, the postal system of the country, offers several savings schemes which not only require modest contribution but also offer attractive investment return

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This saving scheme option is exclusive to senior citizens in India. Ideally, the applicant must be 60 years or more but those between the ages of 55-60 years, are retired or have opted for VRS, can also apply, provided that the account is opened within one month of the receipt of their retirement benefits.

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