Didn’t skip EMIs during lockdown? Get cashback from your bank

-


The government on Friday spelt out the details of the waiver of interest on interest on loans up to Rs 2 crore where borrowers had taken moratorium during the lockdown and also made it clear that those who didn’t opt for it will get an ex gratia payment or a cashback.

The payment will be made to small businesses and individual borrowers with loans up to Rs 2 crore.

Waiver of interest on interest may cost Rs 6.500 crore
This included compensation to those who paid on time and therefore did not have to pay compound interest. Government sources had estimated the cost of waiver of interest on interest at around Rs 6,500 crore. Under the government scheme, even borrowers who paid on time will get an amount equivalent to the difference between the simple interest that they paid and the notional compound interest on their loan outstanding as  on the end of February 2020.


Comments

Post a Comment

Popular posts from this blog

India’s health budget fourth lowest in world, accoring to Oxfam

-
  India’s health budget fourth lowest in world, accoring to Oxfam Afghanistan and India set aside the same share for health in their budgets, 4%, just above a quarter of the recommended spending and one-third of what the second poorest country in the world, Burundi, did. And that may have affected how far people were shielded from the Covid-19 outbreak, the latest ‘Commitment to Reducing Inequality Index 2020’ by international charity Oxfam says.
Read more

Lee Kun-hee, who made S.Korea's Samsung a global powerhouse, dies at 78

-
Image
  Lee Kun-hee, who built Samsung Electronics into a global powerhouse in smartphones, semiconductors and televisions, died on Sunday after spending more than six years in hospital following a heart attack, the company said. The charismatic leader of Samsung Group and the country's richest person, grew it into South Korea’s biggest conglomerate. But he and the empire he built have also been vilified by critics for wielding huge economic clout, and for opaque governance and dubious transfer  of the family wealth. "Lee is such a symbolic figure in South Korea's spectacular rise and how South Korea embraced globalisation, that his death will be remembered by so many Koreans," said Chung Sun-sup, chief executive of corporate researcher firm Chaebul.com. Lee, who was 78, is the latest second-generation leader of a South Korean family-controlled conglomerate, or chaebol, to die, leaving potentially thorny succession issues for the third generation.
Read more

BANK Q & A -9

-
Image
  81. Which of the following contracts involves future exchange of assets at a specified price? [A] future contract [B] forward contract [C] Present contract [D] Spot contract Hide Answer Correct Answer:  B [forward contract] Notes: A forward contract is a private agreement between two parties giving the buyer an obligation to purchase an asset (and the seller an obligation to sell an asset) at a set price at a future point in time. 82. Which of the following is best described as selling a synthetic asset and simultaneously buying the actual asset? [A] Arbitrage [B] Diversifying [C] Speculating [D] Hedging Hide Answer Correct Answer:  A [Arbitrage] Notes: Arbitrage is the simultaneous purchase and sale of an asset to profit from an imbalance in the price. It is a trade that profits by exploiting the price differences of identical or similar financial instruments on different markets or in different forms. 83. Which of the following indicates the wealth of a person? [A] Ba...
Read more