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anurag thakur

Jan 22, 2020, 07.35 PM IST

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ANURAG THAKUR

Nearly 3 per cent of Mudra loans turn into bad loans: Government

Loans are classified as MUDRA under the PMMY. The loans are given under three categories of Shishu, Kishore and Tarun to signify the stage of growth and funding needs of the beneficiary.

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  • ​​The bill seeks to increase the limits for aggregate fund collections in chit funds to thrice the current limits and allows the chit fund foreman a right to lien against the credit balance from subscribers. The Lok Sabha passed the proposed amendment on November 20.

    Gross NPAs of SCBs, which stood at Rs 10,36,187 crore on March 31, 2018, declined by Rs 97, 996 crore to Rs 9,38,191 crore as on June 30, 2019, Anurag Thakur said during question hour in Lok Sabha. The gross NPAs stood at Rs 3,23,464 crore as on March 31, 2015 and increased to over Rs 10.36 lakh crore figure by the end of 2017-18 fiscal on March 31.

    The comment came on the line of the recent fraud in PMC Bank. He said it is the job of the regulator first to look into those issues and subsequently the RBI has allowed withdrawal of Rs 40,000, which covers around 77% of the affected people.

    "It is not only the government, it is also the industry which also has to play an important role. In GST, we are seeing a lot of fake invoicing and it is from business to business," Thakur said at the annual session of Consumer Electronics and Appliances Manufacturers Association.

    According to the bill, it is proposed to raise the maximum chit amount from Rs 1 lakh to Rs 3 lakh for those managed by individuals or less than four partners, and from Rs 6 lakh to Rs 18 lakh for firms with four or more partners. The maximum commission for the 'foreman', who is responsible for managing the chit, is proposed to be raised from 5 per cent to 7 per cent.

    Analysts said the advance-decline ratio needs to improve, as the index looks to take out the 12,000 level in the coming days.

    Investigating agencies had imposed Rs 1,907 crore penalty and confiscated Rs 3.45 crore under FEMA in 2018-19. Penalties worth Rs 179 crore and confiscations of Rs 11.49 crore were made in 2017-18. As for PMLA, Rs 15,490 crore worth of properties were attached in 2018-19, up from Rs 7,432 crore in FY18.

    Government owned banks reported frauds of over Rs 95,700 crore in the first six months of the current fiscal, the Parliament was informed on...

    "No sir," Minister of State for Finance Anurag Thakur said in a written reply in the Rajya Sabha to a query if the government intends to revise fiscal deficit in view of the economic slowdown. The minister further said expenditure of various ministries and departments of the government is as per the estimates approved by Parliament.

    Union Minister Anurag Thakur said India continues to the fastest growing economy in the world even though many countries in the world are facing economic slowdown. He also said that a number of steps are being taken by the government to strengthen the economy that includes merger of banks and tax concessions to industries.

    Corporate tax rates have been cut so that India can become a destination for foreign firms for investment, Thakur added.

    of the Rs 8,880-crore loan that PMC had, more than Rs 6,500 cr of the assets are with the bankrupt real estate HDIL group only which turned NPA two years back.

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