Industry experts said that while the surge in UPI-based micro-transactions could help India achieve its stated objective of transforming into a cashless economy, banks would be nervously monitoring the rising volumes of low-ticket fund transfers.
As per an estimate by PNB, the market value of the property was Rs 603 but since it was a distressed sale, they reduced the value by 25% in the first auction itself.
Theoretically, many believe that the repayment rates would improve, but there are skeptics that argue the current trend would continue for a couple of more months.
The framework for the NUE was released by the Reserve Bank of India last week, with the central bank also opening the window for applications. Entities receiving approval can set up a payments company for owning and operating a pan-India digital payments network, exercising the same powers as NPCI.
Since 2013-14, the RBI has been paying 99 per cent of its disposable income to the government, which is battling to rein in deficits. In August 2019, RBI's central board gave its nod for transferring to the government a sum of Rs 1,76,051 crore comprising Rs 1,23,414 crore of surplus for 2018-19 and Rs 52,637 crore of excess provisions.
According to industry association CII, with which the minister had a closed-door meeting, she also said that domestic revenue generation is a concern as sectors like tourism, real estate, hospitality, and airlines have been affected "disproportionately" by the COVID-19 pandemic.
The product- Structured Finance and Partial Guarantee Programme to NBFC-MFIs -entails providing partial guarantee on pooled loans extended to small and mid-sized micro finance institutions (MFIs), a release said.
Sharing implementation status update of the Rs 30,000 crore Special Liquidity Scheme (SLS), Finance Minister Nirmala Sitharaman in a tweet said that 24 proposals with a total sanctioned amount of Rs 8,594 crore have been cleared as on August 21, while 17 more applications seeking financing of up to Rs 3,684.5 crore are under process.
Considering government's focus on affordable housing, IIFL Home Finance through Kutumb aims to extend the mission of 'Housing for All' to 'Green Housing for All', IIFL Home Finance said in a release. In the past, the housing financier has successfully completed five chapters of Kutumb across Ahmedabad, Indore, Pune, Bengaluru and Hyderabad, it said.
The scheme is the biggest fiscal component of the Rs 20-lakh crore Aatmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman in May to mitigate the distress caused by lockdown due to COVID-19 by providing credit to different sectors, especially MSMEs.
The pandemic effect is expected to lower the housing credit growth to 5-8% in FY'2021, significantly below the last three years’ CAGR of 14%, Icra said. The growth is expected to be slower in the first half of FY'2021 as disbursements were significantly lower in the first quarter of FY'2021 and started picking up from July 2020.