Bank Shastra

PMAY Purpose "Housing for All" Mission for urban areas has been implemented with effect from 17.06.2015 to provide central assistance to the implementing agencies. Under this mission, the Credit Linked Subsidy Scheme is being offered. Pradhan Mantri Awas Yojana (Urban) Mission launched on 25 June 2015 to provide housing for all urban areas by 2022. The Mission provides central assistance to implementing agencies through the Member States / Union Territories (UTs) and Central Nodal Agencies (CNAs) to provide housing for all eligible families / beneficiaries against a validated demand for housing of approximately 1.12 Cr. As per the PMAY(U) guidelines, the size of the house for the Economically Weaker Section (EWS) could be up to 30 square meters. Mt. carpet area, however, States / UTs have the flexibility to increase the size of houses in consultation with and approval by the Ministry. In the case of the Middle-Income Group (MIG), interest subsidies will be granted on housing ...

PMJDY Purpose In his address on Independence Day on 15 August 2014, Hon'ble Prime Minister Pradhan Mantri Jan Dhan Yojana announced that the National Mission on Financial Inclusion would ensure a comprehensive financial inclusion of all households in the country by providing universal access to banking facilities with at least one basic bank account for each household, financial literacy, access to credit, insurance. In this context, a person who does not have a savings account may open an account without requiring a minimum balance and, in the event that they self-certify that they do not have any of the officially valid documents required to open a savings account, they may open a small account. Furthermore, to extend the scope of banking services, all over 6 lakh villages in the country were mapped into 1,59 lakh Sub-Service Areas (SSAs), with each SSA generally comprising between 1,000 and 1,500 households, and Bank Mitras was deployed for branchless banking in the 1,26 lakh SS...

The Five Pillars Government has to finance many social, cultural, industrial and infrastructure projects for development of nation. Along with these projects’ government has to provide scholarships for education, financing of house for poor, etc. To provide all these facilities government needs a lot of money Here, we will take a look how Government schemes are supported financially. 1. Tax 2. Borrowing and other Liability 3. Union Excise duty 4. Customs 5. Non-Debt Capital Receipt Tax Corporation Tax A corporate entity or corporation is an artificial person who is legally considered to have certain rights and duties, so that it has an independent legal identity separate from its shareholders by law. Today, companies in two distinct groups are divided into the following: Domestic Corporations - A company formed in India and registered under the Companies Act of India, 2013 is called a Domestic Corporation. Even a foreign firm can be considered as a domestic business if the management a...

Public vs Private Loan There is a big gap between a public sector bank's loan and a private bank. The younger generation is always in support of private banks, while our parents will always direct us from a bank in the public sector. Private and Public bank's Pros and Cons Convenience Private banks generally use DSA to receive customers for loans. The downside is that you can carry out all the paperwork at home. You don't even have to enter the bank. In contrast to private lenders, private banks do not use DSAs aggressively, because it involves more legacy work. Bank Processing Fee The processing fees of private banks are normally higher, as payments also need to be made to the DSA. Furthermore, you have to pay for a personal loan at the door. Public banks that don't normally deliver such advantages often have a lower processing fee. Make sure you thoroughly read all the rules, conditions and fee rates before the contract is concluded. While some technical jargons you d...

Government Loan Schemes Government provides loan programs to support the needs of individuals, businesses and communities through various departments. These loans provide capital for those not eligible to obtain a private lender's loan. State loan services will assist: • Improve the national economy overall and its citizens quality of life • Promoting entrepreneurship and creativity • Protection from and disaster relief • Enhance the intellectual capital of the nation • Reward veterans and workers for past efforts and assistance with current needs Private loan terms may not be reasonable for individuals and small businesses with little or no seed capital or collateral. Low-cost public loans aim to overcome this capital divide and to provide recipients and the nation with long-term benefits. In order to fund micros, small and medium-sized enterprises (MSME) and other significant institutions, government business loans were implemented primarily. There are many varieties and modern e...

What is Moratorium? Temporary posting of interest/principal/ mortgage payments is a moratorium. Initially, RBI allowed borrowers to grant a moratorium for payment of loan instalments due between 1 March 2020 and 31 May 2020. The Reserve Bank of India announced an extension for three months to the regulation package in accordance with which borrower payments for installs due from 1 June 2020 to 31 August 2020 shall be liable for a moratorium / deferment for their loan repayment. However, for the late or moratory period, the interest on the outstanding loans will continue to be levied. How is it Implemented? Banks are approaching clients to find out, in an effort to resolve distress, if they want to use the moratorium on repayment of loans announced by the Reserve Bank of India (RBI). All loans including home loans, personal loans, education loans, automotive loans, working capital loans, credit card dues and so forth are included. There will be no interest forgiven and the amount left w...