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Tuesday, 13. February 2018 (26th Jumada Al-Awwal1439H)

 

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RBI withdraws CDR, SDR, S4A, JLF schemes to restructure defaulted loans

MUMBAI: The Reserve Bank of India has scrapped numerous loan restructuring programmes prevalent among banks to restructure defaulted loans and made resolution of defaults time bound with the Insolvency and Bankruptcy Code becoming the main tool to deal with defaulters. The central bank has warned banks of monetary penalties and higher provisions if banks are found to have violated or found `evergreening' accounts to escape its stringent new norms on fixing defaults.

Polls Ahead, Vasundhara Raje Announces 8,000 Crore Farm Loan Waiver.

Rajasthan Chief Minister Vasundhara Raje chose to focus on the agriculture sector in her last budget before assembly elections are held in the state later this year. The centre-piece is a loan waiver that is expected to benefit nearly 22 lakh small farmers and cost the state an extra 8000 crores. The farming sector had been key focus area in the recently announced Union budget as well.

The Chief Minister has also waived tax on irrigated agricultural land, which will benefit nearly 50 lakh farmers. A loan relief commission has also been set up to consider long-term solutions to farmers' debts. The loan waiver, however, will only apply to farmers who have taken a loan from the agricultural cooperatives. Those who have bank loans will receive no benefit.