10 Announcements from PM Narendra Modi’s Live Speech on the eve of 31st December, 2016.
Image Courtesy:- PTI.
Prime Minister Narendra Modi keeping the hopes alive about Demonetization addressed the nation on 31st December 2016 in his crusade against the Black Money and Corruption. On the New Year eve PM came up with the bunch of schemes for poor, senior citizens and farmer. Let’s have a look at 10 Announcements in PM Modi’s speech.
Loan to MSME
Micro and small Enterprises will now get loans up to Rs 2 crore under government’s credit guarantee scheme breaking the earlier limit of Rs 1 crore. Banks will have to extend collateral- free credit to micro and small enterprise sector and government will provide the guarantee.
Image Courtesy: – Economic Times.
Waiving of Interest
Interest for the first 60 days will be waived off for the farm loans taken from central government- owned banks and district co-operate banks.
Image Courtesy: – Asia Times.
Raising of Cash Credit Limit
Cash Credit limit to small business has been raised to 25 percent from earlier 20 per cent.
Raising of Working Capital Loans
Banks have been directed to increase working capital loans from 20 per cent of turnover to 30 per cent for enterprises that have adopted digital method of transaction.
Funds to NABARD
The government will provide Rs 20,000 crore to NABARD (National Bank for Agriculture and Rural Development, a bank for development in agriculture sector) fund for providing more loans to farmers.
Rebate on Home Loans
Home loans will now would be relieve for poor residing in urban area as there would be a rebate of 4 per cent on loans up to Rs 9 Lakh. While Loans of Rs. 12 Lakh will get an interest rate relieve of 3 per cent.
The Government under ‘Pradhan Mantri Grameen Awas Yojana’ would build 33 per cent more houses in villages.
Relief to Villagers
The villagers who are wishing to renovate or extend their homes will get a subsidy of 3 percent for loans up to Rs 2 Lakh.
A scene from the Movie Lagaan
Gift to Senior Citizens
Yet another good news for the senior citizens after the demonetization relieve they got, is that now Senior Citizens would get an assured 8 per cent interest on their deposits up to Rs 7.5 Lakh for 10 year and yes that too on monthly basis.
No Wandering to banks for farmers
The farmers holding the Kisan Credit Cards will be given RuPay debit card within three months that will in turn vanish the need for farmers to visit banks every now and then to withdraw money.
Image Courtesy – The National Central Co-operative Bank Ltd.
- PM MODI,
- Narendra Modi
- PM Modi speech on Demonetization
- Prime Minister Narendra Modi speech on 31st December 2016
- Narendra Modi Bhaashan
- Narendra Modi on Corruption
- Black Money
- New Year
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