Small scale, tiny units want interest waiver to survive Covid-19 impact
By IANS |
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Small scale, tiny units want interest waiver to survive Covid-19 impact. Image Source: IANS News
Chennai, April 28 : With Covid-19 related lockdown in different parts of the country affecting production and sales, micro and small scale units are pleading for interest waiver, moratorium and lending against credit guarantees.
An official of a public sector bank preferring anonymity told IANS that if the government does not come out with a package, then the non-performing assets (NPA) of the banking sector are set to surge ahead this year. Already 40 per cent of our member units are sick for want of working capital and raw material. Further the increase in raw material prices have hit the units hard, Tamil Nadu Small and Tiny Industries Association (TANSTIA) President S. Anburajan told IANS.
RBI cancels licence of Bhagyodaya Friends UCB; 98% depositors to get money
Continuance of bank prejudicial to interests of depositors: RBI
The Reserve Bank of India has cancelled the licence of Bhagyodaya Friends Urban Co-operative Bank Limited, Warud, based in Amravati, Maharashtra. “Consequently, the bank ceases to carry on banking business, with effect from the close of business on April 22, 2021”, reads a RBI release.
The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has been requested to issue an order for winding up the bank and appoint a liquidator for the bank. The Reserve Bank cancelled the licence of the bank because it did not have adequate capital and earning prospects.
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The Reserve Bank of India (RBI) on Thursday cancelled banking licence of Maharashtra-based Bhagyodaya Friends Urban Co-operative Bank Ltd for failing to garner adequate capital and with no prospects of earning for the lender. Almost 98% of the customers and depositors of Bhagyodaya Friends Urban Co-operative Bank are eligible to receive full amount from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
The RBI says continuance of the Warud, in Amravati based bank, is prejudicial to the interests of its depositors and the bank with its present financial position would be unable to pay its present depositors in full. The central bank also added that public interest would be adversely affected if the bank is allowed to carry on its banking business any further.
Highlights
Increase from Rs 1 lakh to Rs 2 lakh.
Maximum end-of-day balance hiked.
New Delhi: In-line with the Reserve Bank of India’s (RBI s) guidelines, Airtel Payments Bank has announced that it has become the first payments bank in the country to enable Rs 2 lakh day-end balance account limit. Customers having an account with Airtel Payments Bank will be able to save more with this increased limit.
The Bank deposits are insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC) which is a wholly owned subsidiary of the RBI.
Airtel Payments Bank has 55 million engaged users and serves them through technology and a retail-based distribution network. The Bank has built a strong network of over 500,000 neighborhood banking points, which is bigger than the total number of bank branches and ATMs in India. These neighborhood banking points take services closer to the customer and have even reached deep rural pockets that never had access to banking services.
Airtel Payments Bank increases day-end balance limit sentinelassam.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sentinelassam.com Daily Mail and Mail on Sunday newspapers.