New Delhi: Home, auto and other loans are set to become cheaper as the government on Friday said the public sector banks will soon be lending at RBI’s benchmark-linked rate and get an additional Rs 70,000-crore upfront capital infusion that will boost their lending capacity in the market by Rs 5 lakh crore. Announcing measures to boost the economy, Finance Minister Nirmala Sitharaman said the banks would also pass on any change in the benchmark monetary policy rate announced by the Reserve Bank of India (RBI) immediately. Also Read – Thermal coal import may surpass 200 MT this fiscalTill now, banks generally lagged in transmitting RBI’s reduction in repo rates to borrowers. The RBI has this year cut interest rates by 110 basis points in four installments but banks have passed only a part of it to borrowers. Before the last reduction earlier this month of 35 basis points, the bank on an average had passed only 29 basis points out of 75 basis points cut affected during 2019. “Banks have again decided to launch repo rate or external benchmarking linked loan products. This will therefore result in reduced EMI for housing loans, vehicle and other retail loans by directly linking repo rate to the interest rates which means the moment reduction happens, it will directly benefit end customers,” Sitharaman said. Also Read – Food grain output seen at 140.57 mt in current fiscal on monsoon boostShe said that the move will also lead to cheaper working capital loans for industry. The finance minister announced upfront capital infusion of Rs 70,000 crore into public sector banks to boost lending and improving liquidity situation. The fund infusion is expected to generate an additional lending and liquidity in the financial system to the tune of Rs 5 lakh crore, Sithraman said at a press conference. “Upfront we are releasing the Rs 70,000 crore and additional lending and liquidity to the tune of Rs 5 lakh crore can be made available by providing this upfront capital for the PSBs. This was announced in the budget, we are doing it upfront now. This will benefit all the corporates, retail borrowers, MSMEs and small traders as well. We are closely working on ways in which this flow will happen to the NBFCs,” Sitharaman said. The minister also announced additional liquidity support of Rs 20,000 crore to housing finance companies (HFCs) by the National Housing Bank (NHB), thereby increasing the total support to Rs 30,000 crore. “NBFCs are receiving liquidity from the banks, and NBFCs are also moving towards funding of people giving credits to people, example shall be out by late evening today. Some of them will come for you all to double check that this has indeed started moving. Therefore the NHB related increase in funding from Rs 20,000 crore to 30,000 crore is sure to make a difference,” Sitharaman said. The finance minister announced partial credit scheme for purchase of pooled assets of non-banking finance companies and HFCs up to Rs 1 lakh crore to be monitored at the highest level in each bank. The minister said that NBFCs will be permitted to use the Aadhaar authenticated ‘Know Your Customer’ (KYC) by banks to avoid repeated processes. “NBFC need not ask for one more time proving and repeating the process. This was a major demand from NBFCs. Aadhaar regulations have also been tweaked to this end,” Sitharaman said. The government has decided to make necessary changes in PMLA (Prevention of Money Laundering Act) rules and Aadhaar regulations to ease the lending process. To reduce harassment of borrowers and bring in greater efficiency, public sector banks (PSBs) will ensure mandated return of loan documents within 15 days of loan closure. “This will benefit borrowers who have mortgaged assets,” Sitharaman said. The FM also announced check-box based one-time settlement (OTS) process for MSME loans and measures to protect bank officers deciding on the loan settlement process. “Banks will issue improved transparent one-time settlement policy to benefit MSMEs. This is not theoretical. For OTS of loans, we are approaching it with check-box approach. If a client has complied with the requirements in a one-sheet of paper, use the check-box system and then settle for the OTS rather than say sometime else will have to take a call,” Sitharaman said. She said if the check-box approach is taken up by the MSMEs, there is no reason why somebody else should come and decide the matter. “The banks can there and then decide and clear OTS which are due. Many of the NPAs or many of the bank accounts are waiting for banks to take call because nobody wants to take decision on OTS,” Sitharaman said. The FM said that government has taken adequate steps to make sure that there shall be no harassment of the official for the risk that he is taking to reach OTS “In order to protect honest decision making, the CVC (Central Vigilance Commission) has issued direction that internal advisory committee in banks to classify cases as vigilance and non-vigilance. Decision by IAC and bank’s CVC will be treated as final because that happens there and then decision taking risk will not be laden in the heads so we expect that will protect honest decision making in the banks,” Sitharaman said. The finance minister has announced to start process of online tracking of loan applications by borrowers like it is done for tracking of parcels.
Bangalore’s Khalin Joshi shot a course record of nine-under 63 on the final day to register a sensational come-from-behind victory at the PGTI Ahmedabad Masters golf championship on Friday.
Kolkata: The Special Task Force of Kolkata Police has seized fake Indian currency notes (FICN) with a total face value of Rs 4.38 lakh and arrested a person, an officer said on Saturday. Based on prior information, the officers intercepted the accused, Ishab Ali, 31, from the Sealdah area.
Gururgam: In a surprise move, Vinay Singh, the Municipal Corporation of Gurugram (MCG) Chief, who assumed office on June 14, has been transferred.The reason for his posting has not been given. His work will be presently seen by Amit Khatri till the new MCG Chief is appointed. According to sources, the tough stand taken by Singh was not favoured by the councillors and employees that has led to the move. Vinay Singh who was earlier the commissioner of Hissar division has now been entrusted with the responsibility of being the of new Municipal Corporation of Gurugram ( MCG) commissioner. Also Read – Rs 13,000 crore investment to provide 2 lakh jobs: MamataSingh is the officer from IAS (2003) Haryana cadre besides being the MCG commissioner, Singh is also holding the responsibility of being the secretary of Haryana government’s forest department. He has earlier served as the deputy commissioner of Sonepat. Co-incidentally he was transferred to the senior post of commissioner in Hissar only in February this year. He replaced Yashpal Yadav who will now be the deputy commissioner of Palwal. The HCS officer who became the MCG commissioner in March 2018 was earlier the Haryana Urban Development Authority (HUDA).
November 29, 2017 Opinions expressed by Entrepreneur contributors are their own. Free Webinar | Sept 5: Tips and Tools for Making Progress Toward Important Goals Nothing can kill a conversation faster than starting to talk about something highly technical. This is especially true if you’re talking to someone who isn’t familiar with that technical subject. For today’s business owners, though, it’s more important than ever to be able to turn a specialized concept into something that is understandable for even the least tech-friendly person. If your client “gets it” they will be more likely to buy your product or service.Below are seven industries may be seen by some as “unsexy,” but there are businesses in each space that have found a way to make what they do sound exciting. By studying their examples and business models, we can all learn to better communicate our products and services to investors, potential clients, and other business partners.Related: 7 Powerful Public Speaking Tips From One of the Most-Watched TED Talks SpeakersPoliticsSocial media’s influence on the political elections scene is only going to grow and grow. Political elections have practically become a monster, and Americans are becoming increasingly aware of the system and its flaws.Brigade gained notice as one of the few platforms to accurately predict the outcome of the 2016 presidential election, based on analysis of social engagement.The company is trying to make government technology interesting by helping voters find ways to ensure their voices are actually heard by the appropriate politicians. The Brigade site’s goal is to bring voters together in one place to enact change. One person can only do so much, but a large group of people pushing for an initiative can get attention.”Most political tools are hopelessly top-down because they are built for professional campaigns and candidates,” says CEO and Co-Founder Matt Mahan. “Brigade starts with the individual voter and her top issues, and then maps out concrete actions she can take to have a real impact.”Related: Why It’s on You to Stop People From Interrupting YouCity PlanningMore and more people are moving and living in cities. Traffic congestion has become a serious problem in most of the larger cities. The nuts and bolts of working on remedies for traffic and other city related issues can also put people to sleep. Face it, the subject can be so boring that Elon Musk even named his tunnel company after that fact.Another company, planning platform Remix, helps public transit agencies relieve these traffic, highway, water systems and other issues too — by analyzing the costs while helping identify the best solutions currently available.Companies like Remix win over customers by solving a problem that impacts the general population on a personal level.The person in charge of planning and projects may be hearing a certain product pitch for the first time. Whether the pitch is for a government official, a venture capitalist, or a consumer, an agency or individual can immediately relate to the pain of sitting in traffic every day. When Remix describes its product to others, they stress the problems that will be solved and therefore immediately create a more interested and engaged audience.Related: 14 Proven Ways to Improve Your Communication SkillsHealth CareTechnology is taking over the healthcare industry, with practitioners and technicians across all specialties constantly working on new ways to improve patient health. Silene Biotech is innovating the stem cell space, allowing consumers to easily bank their stem cells for future use.Explaining the many benefits of this service can sometimes be challenging to a customer base that is still learning about stem cell research. But, the company has found a way to relate to its audience.”Healthcare is becoming more personalized and consumer driven every day, showing promise for Biotech,” says COO and Co-founder Lena Shaw. “However, the space must find a way to build narratives from the perspective of the consumer.””Often in Biotech it’s the complete opposite. The most fascinating discovery in the lab may not be the most relatable discovery to a consumer. Talk to your customers. Give them a chance to share their understanding of the need you feel you’re fulfilling.”Doing something that truly helps people can make health care pretty sexy. The benefits are more instantly apparent and feel good in an industry that has been challenged to really fulfill what it has promised and intends.A huge concern for POC Medical is to insure that they are providing people with their early detection tests for breast cancer. These tests are so low cost that they are making early detection for all women all over the world possible. This includes areas where quality health care is not usually accessible. The company has plans to expand this test for more types of cancer and perhaps even other diseases, saving lives with each new test that is performed.Related: Do Us All a Favor and Stop Saying These Words Around the OfficeRehabsRehabilitation centers may seem difficult to imagine as ever being attractive since traditionally it’s been something no one wants to talk about. However, Rehabs is adding interest to this industry by offering a platform that is mainstreaming the ability to find and match a rehab facility with clients and patients.The site understands the importance of providing more information about the rehabilitation process. This includes articles and reviews of facilities and the value of recovery. Therefore, those seeking this kind of assistance and others around them will see the process as normal and socially acceptable.Related: 12 Most Common Writing Mistakes You Want to Avoid at All CostsEducationA company breathing new life into EdTech is RaiseMe, which connects high school students with universities across the country by letting them earn incremental “micro-scholarships” from the colleges for their achievements in high school.Once a student creates an account, any grades, extracurriculars, and achievements become part of an online portfolio that the college admissions departments see. The service has the potential to modernize the application process, and appeals to anyone who’s ever had to put up with the grueling nature of getting a portfolio together for university admissions.”When the topic of student financial aid seems inaccessible or overly complex to students and their families, this acts as a huge barrier to educational opportunity,” says Co-Founder and CEO Preston Silverman. “Tens of billions of dollars in financial aid gets distributed to students every year, but students often have no way of knowing what that could mean for them in terms of college affordability, until it’s far too late to impact their college ambitions or decisions.”LogisticsArranging to move freight has always been a serious chore for trucking companies (and unfortunately for companies in this space, the subject is boring to talk about). Convoy has been working hard to automate the freight moving process. Instead of making deals with carriers themselves, shippers can use an app to connect with trucking companies that can arrange the moving of their shipments on demand.Although this pain point appeals specifically to the shipping company, businesses that arrange shipments for their items can immediately relate to the burden this app removes. It also opens logistics to smaller businesses that lack the full team necessary to constantly schedule and manage shipments. Unfortunately, the app that once billed itself as “Uber for trucking” now has to deal with Uber becoming one of its competitors.ResearchResearch is an important part of so many activities. From students writing assigned reports to historians finding facts for their latest books. But, the process of searching volumes of materials can be time consuming and unpleasant, especially if you have to comb through multiple different sources.ProQuest specializes in supporting researchers and librarians with the information they need. Currently the service offers access to 90,000 sources and 6 billion digital pages spanning six centuries. Anyone who has ever spent hours trying to get the information they need to support their work can relate to the demand ProQuest is filling.Tech is innovating almost every industry, from the most openly appealing to least glamorous. When the application of a product is one that strikes its audience personally, especially if the app will solve a deep pain point, the public is more likely to personally relate.Consider what you are feeling yourself and make a personal connection when preparing your pitches. Presenting a solution from a personal level is one of the primary ways to take something “boring” and turn it into vitally interesting information to a potential customer. Attend this free webinar and learn how you can maximize efficiency while getting the most critical things done right. 8 min read Register Now »