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Government Steps in to Avoid Another PMC Bank Like Crisis

Approximately 8.60 crore account holders of as many as 1540 cooperative banks belonging to urban areas as well as multiple states can be assured of the safety of their deposits worth Rs. 5 lakh crores following the latest move of the Reserve Bank of India (RBI). The country’s apex financial institution recently passed a ruling offering protection to those with accounts in cooperative banks, which now would fall under the jurisdiction of the RBI.

Increasing the Ambit of RBI

The move is expected to instill confidence in the bank depositors who are still reeling under the shock of the Punjab and Maharashtra Co-operative bank(PMC) crisis in September last year. The PMC crisis curtailed access to lifetime savings of investors with restrictions on withdrawal limits that left many hapless. By changing the laws governing cooperative banks, RBI gets more power over them, allowing it to protect deposits by intervening in the event of a financial failure.

Earlier, a bank had to be placed under moratorium following intervention by RBI, during which fund access was limited or denied to depositors. Now, even if a bank is taken over by another, seamless account operation is possible for account holders. Cooperative banks will also have easier access to financial markets and can issue securities such as shares and debentures to raise capital if required. So, even if there is a small financial loss, it is absorbed by the shareholders, leaving the depositors unaffected. This takes care of the deficiency in equity capital of cooperative banks.

Interest Subvention for MSMEs

Apart from this, the Government also announced a 2% concession on interest for all borrowers of Shishu loans under the MUDRA loan scheme till May 2021. Loan amount of upto Rs. 50,000 is made accessible to the medium, small or micro enterprise through Shishu MUDRA loan. Rs. 1542 crore is expected to be spent by the government during the operation of PMMY scheme which will be directed towards outstanding loans as of March 31 2020. Those holding non-performing assets (NPAs) are not eligible to take advantage of it.

A MUDRA Loan account will benefit from the subvention for months during which it does not fall into the NPA category. This will include the months during which it regains the status of a performing asset. Therefore, those repaying their loans regularly under the PMMY scheme will benefit the most.

The Shishu category under the MUDRA loan scheme had close to 9.37 crore accounts with a total outstanding loan amount of Rs. 1.62 lakh crores for the financial year ending March 31 2020. Apart from Shishu loans, Kishor Yojana enables access to loans ranging from Rs. 50,000 to Rs. 5 Lakhs and Tarun Yojana facilitates borrowing of loans worth Rs. 5 Lakhs to Rs. 10 Lakhs. Close to 20 crore people in India have access to working capital thanks to the Micro Units Development and Refinance agency(MUDRA) under the PMMY scheme making it the world’s largest loan development programme.

Financial lending institutions registered with MUDRA such as microfinance institutions, scheduled commercial banks, non-banking financial institutions etc extend capital to enterprises who need it. Today, a shop owner or street vendor can easily take a MUDRA Loan to expand business at lower interest rates and participate in the growth story of India. The MUDRA loan scheme is a boon for small business owners who face difficulties in starting a new business or getting finance to upgrade their existing enterprise.

Get Access to High Ticket Instant Loans

Those involved in manufacturing, service, allied agricultural activities as well as trading can avail MUDRA loan at competitive rates of interest. However, if you have a capital requirement higher than Rs. 10 Lakhs, there is no need to be disappointed. With a business loan of upto Rs. 30 Lakhs available on Finserv MARKETS, you can easily purchase raw materials, expand your company or upgrade machinery.

The entire process right from the loan application to its disbursal is online which makes it paperless, quick and convenient. Moreover, repayment can be done in tenors ranging from 12 months to 5 years as per your convenience. Documentation is minimum and no processing fee is charged. You can get your business loan approved in as less as 3 minutes after you submit the necessary documents.

So whether you are an enterprise facing a cash crunch or a businesswoman starting her entrepreneurial journey or even an existing enterprise looking for working capital, you can get a business loan available on Finserv MARKETS .

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