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Express News Service
NEW DELHI: The finance ministry on Monday announced a slew of measures to help the Covid-battered economy, including fresh credit for MSMEs, and targeted support to the healthcare and tourism sectors.
The package includes Rs 1.10 lakh crore of credit guarantee scheme, of which Rs 50,000 crore will be for the healthcare sector, with a three-year single loan of up to Rs 100 crore carrying an interest of 7.95%.
Loans to other sectors such as tourism and hospitality would come at 8.25% per annum interest rate. Special support was given to the hospitality sector in the form of retail loan worth Rs 10 lakh to travel agencies and Rs 1 lakh loan for registered tourist guides.
Here s why India s biggest banking stocks went nuts today and what they missed
Prabhjote GillFeb 1, 2021, 20:00 IST
Finance Minister Nirmala Sitharaman (R) announced a bank to resolve non-performing assets (NPA) of the Indian banking sectorIANS
India’s leading banks saw their shares price jump by as much as 15% after the Budget 2021-22 announcements on February 1.
Finance Minister Nirmala Sitharaman announced the creation of a ‘bad bank’ and an increase of Foreign Direct Investment (FDI) to 74% in the insurance sector.
However, experts believe the rally may be short-lived due to the lack of clarity around how the sale of bad assets will work and cost of funding likely to increase.