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Modi’s New Year Bonaza: Interest rates cut and other major schemes announced by the PM

Prime Minister Narendra Modi, in a televised address to the nation on the New Year’s Eve, announced that the government would give the rebate of three and four percent on interest rates to the people

India TV Business Desk, New Delhi [ Updated: December 31, 2016 20:34 IST ]
Interest rates cut and other major schemes announced by the
Interest rates cut and other major schemes announced by the PM

Prime Minister Narendra Modi, in a televised address to the nation on the New Year’s Eve, announced that the government would give the rebate of three and four percent on interest rates to the people who seek loans to build their houses in 2017.

Here are the other major schemes announced by the PM:

1- Two new schemes under Pradhan Mantri Awas Yojana to provide 4% interest waiver on loan of up to Rs 9 lakh and of 3% on loan up to Rs 12 lakh

2- 8% interest rate will be guaranteed on deposits of up to Rs 7.5 lakh for 10 years for Senior Citizens; interest will be paid monthly

3- Banks have been asked to raise cash credit limit to small business to 25% from 20%

4- Govt to stand guarantee for loans up to Rs 2 crore from current Rs 1 crore, to small businesses

5- Rabi crop sowing up by 6%; fertilizer sales up 9% despite doomsday predictions by critics

6- Govt to pay interest for 60 days on loans taken by farmers for rabi season from district cooperative banks and primary societies

7- 3% interest waiver on loan up to Rs 2 lakh for construction of houses in rural India

8- Rs 6,000 to be put into accounts of pregnant women in 650 districts for vaccination and other medical use

 

9- Credit guarantee for small traders to be raised to Rs 2 crore

10- In the next 3 months, 3 crore Kisan credit cards will be converted to RuPay cards which will enable them to buy/sell directly through the card and there will be no need to rush to banks

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