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₹10,000 interest-free festival advance for govt employees: FM

Oct 12, 2020 16:00 IST

Finance minister Nirmala Sitharaman on Monday announced a one-time ₹10,000 interest-free festival advance to all its officers and employees as part of plans to increase consumer spending to spur demand in the economy. This ₹10,000 advance will come as a pre-paid rupay card, which can be availed and spent by March 31, 2021. The repayment will be in 10 installments, Sitharaman said adding that ₹4,000 crore is likely to be spent on this.

Economy