Skip to content
Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

Primary Menu Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

  • Home
  • Newswires
  • Politics & Society
  • The New Feudals
  • World View
  • Arts And Aesthetics
  • For The Record
  • About Us
  • Featured

Slow Start For Plans To Revive Small Businesses

Jun 13, 2020 | Pratirodh Bureau

FILE PHOTO: A worker adjusts a protective face mask on a mannequin at a garment shop in Kolkata on June 10, 2020

India’s ambitious plan to provide some Rs 3 trillion ($39.5 billion) in loans to small businesses to boost an economy ravaged by the coronavirus pandemic has got off to a slow start with banks disbursing only a tiny fraction of the available funds.

Lenders have paid out just Rs 122 billion, barely 4% of the sum earmarked, and approved loans worth Rs 242.60 billion since the third week of May, according to finance ministry data released on Thursday.

A senior finance ministry official accepted that according to feedback received from the industry, the scheme is facing several problems, and the government is trying to convince bankers to implement the scheme in “letter and spirit”.

However, a senior banker at a public bank also said there had been a clear lack of demand because of the country’s lockdown.

“Businesses don’t want to avail themselves of it so the traction has been low,” he said.

The finance ministry and the Indian Banks’ Association, an industry body for lenders, did not immediately respond to a request for a comment.

India last month unveiled the fully-guaranteed government-backed loan scheme for small businesses, which account for nearly a quarter of India’s economy and employ hundreds of millions of workers, according to government estimates.

New Delhi has been urging banks to lend more to these firms which have been hit by the more than two-month lockdown to rein in the spread of the virus. However, lenders worry about defaults.

Bankers say there is “constant monitoring” by the government and pressure to approve more loans.

“We are pushing hard and have contacted the borrowers but we have not heard back from most,” said another banker at a state-owned lender.

Banks are also cherry-picking better placed companies as recovering such loans, even though they are government-backed, is not an easy task, said a third banker.

Tags: coronavirus pandemic, Finance Ministry, Indian Banks’ Association, Pratirodh, small businesses

Continue Reading

Previous Will White Americans At George Floyd Protests Work For Change?
Next Coronavirus Hitting The Americas Hardest: WHO

More Stories

  • Featured

Elgar Parishad Case Accused Dr Hany Babu To Get Honorary Doctorate

1 day ago Pratirodh Bureau
  • Featured

The Mythical Saraswati Is A Subterranean Flow, Posits New Study

1 day ago Shalini
  • Featured

Will Challenge ‘Erroneous’ Judgment Against Rahul Gandhi: Congress

1 day ago Pratirodh Bureau

Recent Posts

  • Elgar Parishad Case Accused Dr Hany Babu To Get Honorary Doctorate
  • The Mythical Saraswati Is A Subterranean Flow, Posits New Study
  • Will Challenge ‘Erroneous’ Judgment Against Rahul Gandhi: Congress
  • Calls For ‘Green’ Ramadan Revive Islam’s Ethic Of Sustainability
  • Huge Data Breach: Details Of 16.8 Cr Citizens, Defence Staff Leaked
  • Will Rahul Gandhi Be Disqualified As MP Now?
  • ‘Ganga, Brahmaputra Flows To Reduce Due To Global Warming’
  • Iraq War’s Damage To Public Trust Continues To Have Consequences
  • Sikh Community In MP Cities Protests Against Pro-Khalistan Elements
  • ‘Rahul Must Be Allowed To Speak In Parliament, Talks Can Follow’
  • 26% Of World Lacks Clean Drinking Water, 46% Sanitation: UN
  • ‘Severe Consequences’ Of Further Warming In Himalayas: IPCC
  • NIA Arrests Kashmiri Journalist, Mufti Says This Is Misuse Of UAPA
  • BJP Is Just A Tenant, Not Owner Of Democracy: Congress
  • Livable Future Possible If Drastic Action Taken This Decade: IPCC Report
  • Significant Human Rights Issues In India, Finds US Report
  • Bhopal Gas Tragedy: NGOs Upset Over Apex Court Ruling
  • Kisan Mahapanchayat: Thousands Of Farmers Gather In Delhi
  • Nations Give Nod To Key UN Science Report On Climate Change
  • AI: The Real Danger Lies In Anthropomorphism

Search

Main Links

  • Home
  • Newswires
  • Politics & Society
  • The New Feudals
  • World View
  • Arts And Aesthetics
  • For The Record
  • About Us

Related Stroy

  • Featured

Elgar Parishad Case Accused Dr Hany Babu To Get Honorary Doctorate

1 day ago Pratirodh Bureau
  • Featured

The Mythical Saraswati Is A Subterranean Flow, Posits New Study

1 day ago Shalini
  • Featured

Will Challenge ‘Erroneous’ Judgment Against Rahul Gandhi: Congress

1 day ago Pratirodh Bureau
  • Featured

Calls For ‘Green’ Ramadan Revive Islam’s Ethic Of Sustainability

1 day ago Pratirodh Bureau
  • Featured

Huge Data Breach: Details Of 16.8 Cr Citizens, Defence Staff Leaked

2 days ago Pratirodh Bureau

Recent Posts

  • Elgar Parishad Case Accused Dr Hany Babu To Get Honorary Doctorate
  • The Mythical Saraswati Is A Subterranean Flow, Posits New Study
  • Will Challenge ‘Erroneous’ Judgment Against Rahul Gandhi: Congress
  • Calls For ‘Green’ Ramadan Revive Islam’s Ethic Of Sustainability
  • Huge Data Breach: Details Of 16.8 Cr Citizens, Defence Staff Leaked
Copyright © All rights reserved. | CoverNews by AF themes.