The latest snapshot suggests that relatively few people have been granted payment holidays so far – possibly because the government jobs furlough scheme is helping to maintain family incomes. Less than 2% of the 51m credit card accounts in Britain are on pause and less than 7% of loan payments frozen. … [Read more...] about UK banks granted 1.5m payment holidays on credit cards and loans
Who extends credit
Road to Credit Guarantee CorporationThe government formed a working group comprising custodians of the nationalised banks. In its report, the group said while the objective of giving loans to neglected areas was noteworthy, it will also lead to risks for the banking system. The best way would be to pool these risks and cover them under a common guarantee scheme. To avoid moral hazard, guarantees would be capped at 75 percent of the losses so that banks do proper loan appraisal. The guarantee fee was pegged at 0.25 percent of the loans, open to review. Interestingly, the government credit guarantee scheme had a fee of 0.1 percent for SSIs. … [Read more...] about Credit guarantees of 1970s make a comeback
KOLKATA: The National Bank for Agriculture and Rural Development (NABARD) has sanctioned credit of Rs 1,050 crore in the current fiscal so far to West Bengal for benefit of farmers and poor people in rural areas, an official said on Friday. The credit support under special liquidity facility (SLF) will be extended to state cooperative banks, regional rural banks and micro-finance institutions (MFIs), he said. The NABARD has already disbursed an amount of Rs 720 crore to state coperative and regional rural banks, he said, adding that disbursements to MFIs will commence shortly. The lender has sanctioned Rs 300 crore for MFIs, Rs 700 crore for state cooperative banks and Rs 50 crore for regional rural banks. The development bank said the credit flow to the rural sector of the state is extreme important to sustain agricultural operations as the economy has been hit by COVID- 19 outbreak. The credit flow will provide relief to the farmers in the upcoming kharif season, he said. … [Read more...] about NABARD sanctions Rs 1,050 crore credit support to West Bengal
“The decision to open the remaining shops in the malls will be taken soon, after taking into account the guidelines of the health ministry,” the statement quoted him as saying at a meeting with the representatives of traders associations via video conferencing on Thursday night. … [Read more...] about Atmanirbhar plan covers credit for traders: Goyal
Income-tax deferrals: Self-assessment income tax payments, that were due in July, can be deferred to the end of January next year. Rent support: Businesses who are struggling to pay their rents are protected from eviction until the end of June. Coronavirus business interruption loan scheme: SMEs can get loans and overdrafts of up to £5million for up to six years and the government will guarantee up to 80 per of these. Grants of up to £10,000: Small firms can get grants of up to £10,000 to help with ongoing business costs. VAT payments: VAT payments can be deferred for three months. Tax bill help: SMEs that cannot afford their tax bills can ask HMRC for a “time to pay” arrangement so any debt collection is suspended. Business rates holiday: A 12-month business rates holiday has been introduced for many businesses. Most read in Money … [Read more...] about Is the self-employed government grant scheme going to get extended like furlough to October?