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Modi thanks people for enduring note ban pain

  1. What: PM Modi on Saturday unveiled a relief package for farmers, senior citizens, small enterprises, women and the rural poor
  2. Why: As a return gift of sorts for enduring the pain caused by the Centre’s decision to scrap the legal tender nature of old ₹500 and ₹1,000 notes
  3. Senior citizens: He announced a guaranteed 8% return on bank deposits up to ₹7.5 lakh made by senior citizens for a period of 10 years
  4. Housing sector: Mr. Modi announced a special scheme under the Pradhan Mantri Awaas Yojana
  5. It will provide an interest subvention of 4% on loans up to ₹9 lakh and 3% on loans up to ₹12 lakh for urban housing
  6. A similar scheme would be rolled out for the rural poor to get a house-building loan of up to ₹2 lakh at a 3% lower interest rate
  7. Schemes for farmers: He promised to convert 3 crore Kisan credit cards to Rupay cards in the next 3 months
  8. Why: The PM flagged the inconvenience posed by Kisan credit cards which require farmers to go to the bank to withdraw cash against their credit limit
  9. With a Rupay card, they will be able to make transactions for farm inputs without visiting the bank
  10. He also announced a virtual doubling in the credit flow to the farm sector via district central co-operative banks and primary societies
  11. The Centre will bear the interest cost for 60 days on existing loans availed by farmers
  12. This interest subvention will be credited to farmers’ accounts and an additional ₹30,000 crore is being provided by the Centre to NABARD to lend to co-operative banks and societies at a lower interest rate
  13. Business loans: Mr Modi also raised the credit guarantee for small businesses from Rs 1 crore to Rs 2 crore and said this will help boost job creation
  14. Banks have also been directed to raise the cash-credit limit from 20% to 25% for such businesses
  15. The working capital loans will be raised from 20% to 30% to the extent that such traders transact in a cashless mode
  16. Maternity benefits: The PM also enhanced the maternity benefits given to pregnant women for pre-natal care to Rs 6,000 from the existing level of Rs 4,000
  17. He declared that this benefit will now be available for women in all 650 districts of the country
  18. Currently, the scheme is only working as a pilot project in 53 districts

Back2basics:

Read more about the housing schemes here and here.

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