The Ministry of Finance on Sunday shared an replace on the progress of the a number of schemes beneath the Rs 20-lakh-crore Atmanirbhar Bharat bundle introduced by Prime Minister Narendra Modi in May. According to the ministry, Rs 25,000 crore has been disbursed to farmers as on August 28, 2020, beneath the Rs 30,000 crore further emergency working capital funding by way of National Bank for Agriculture and Rural Development (NABARD). The remaining Rs 5,000 beneath the Special Liquidity Facility (SLF) was allotted to NABARD by the Reserve Bank of India for smaller non-banking monetary firms (NBFC) and NBFC-MFIs. “NABARD is finalising operational guidelines to roll it out soon,” the ministry stated.
NABARD had additionally launched the Structured Finance & Partial Guarantee scheme in August for unrated NBFCs and MFIs to safe credit score from lenders. The financial institution had additionally collaborated with two companies and banks whereby the credit score eligibility for such small MFIs will likely be enhanced by five-six occasions. The ministry stated that post-deployment of Rs 500 crore earmarked for this scheme, “credit availment by those small NBFCs/MFIs to an extent of Rs 2500 to Rs 3000 crore is envisaged,” that will be a “game-changer in reaching out to the people especially women in the remote & unreached areas.”
For Rs 45,000 crore partial credit score assure scheme 2.Zero for NBFCs, HFCs and MFIs to supply recent lending to small companies and people, the ministry stated that banks have permitted the acquisition of a portfolio of Rs 25,055.5 crore as on August 28. The approval or negotiations for one more Rs 4,367 crore is in course of. Similarly, for Rs 30,000 crore particular liquidity scheme for NBFCs, HFCs, MFIs, the federal government had assigned funding financial institution and venture advisor SBI Capital Markets (SBICAP) to arrange a particular goal car to implement the scheme that was launched on July 1, 2020. 37 proposals involving Rs 10,590 crore had been permitted as on September 11 whereas six proposals looking for capital of Rs 783.5 crore are going by way of the approval course of.
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Among the largest schemes introduced by PM Modi beneath the stimulus bundle was Rs three lakh crore collateral-free Emergency Credit Line Guarantee Scheme for companies together with MSMEs to assist recuperate from the Covid influence. As on September 10, 2020, private and non-private banks together with NBFCs have been sanctioned Rs 1,63,226.49 crore to 42,01,576 debtors out of which Rs 1,18,138.64 crore has been disbursed to 25,01,999 companies. The scheme gives a credit score of 20 per cent of the excellent credit score to MSMEs as on February 29, 2020, with as much as Rs 25 crore excellent and turnover of as much as Rs 100 crore.
According to the Ministry of Finance, earnings tax refunds of greater than Rs 1,01,308 crore have been issued to over 27.55 lakh taxpayers throughout April 1 — September eight interval whereas company tax refunds of Rs 70,540 crore have been issued in 1,71,155 circumstances. “In fact, all corporate tax refunds up to Rs 50 crore have been issued in all cases, wherever due. Other Refunds are under process,” the ministry added.