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Speaking at the rally, the Congress leader also alleged Prime Minister Narendra Modi has made up his mind to alter the Constitution and eventually scrap it.

Loan waiver to MGNREGA: Rahul promises farmer relief in Madhya Pradesh

Speaking at the rally, the Congress leader also alleged Prime Minister Narendra Modi has made up his mind to alter the Constitution and eventually scrap it.

Congress leader Rahul Gandhi on Monday said loans of farmers will be waived and the daily allowance under the MGNREGA scheme will be raised from Rs 250 to Rs 400 soon after the party government is formed at the Centre post elections.
Addressing a campaign rally at Segaon under Khargone Lok Sabha constituency in Madhya Pradesh, Gandhi alleged Prime Minister Narendra Modi has made up his mind to alter the Constitution and eventually scrap it.
"Soon after coming to power at the Centre, the Congress government will waive loans of farmers and raise the MGNREGA allowance from Rs 250 to Rs 400 per day," he said.
Congress has fielded Porlal Kharte and Narendra Patel from Khargone (ST) and Khandwa Lok Sabha constituencies, respectively.
"This election is being fought for saving the Constitution, reservations, and also the Jal, Jungle, and Jameen of tribal people, and public sector," Gandhi said.
PM Modi wants to give all these things to 22-25 billionaires including Adani, he alleged.
He said the INDIA alliance government will deposit Rs 1 lakh into the accounts of poor women to make them lakhpatis.&nbsp;

Warning against mushrooming of lending apps and their usurious recovery prices, the Reserve Bank said it is not interested in penalizing operators or stifling innovation but wants them to follow the rules of the game, governor Shaktikanta Das said on Tuesday.
Addressing the third edition of the global fintech summit here this evening, he said the intention of the central bank is not to penalize or stifle anyone but to ensure that everyone follows traffic rules.
The statement assumes importance in the wake of the recent incidences wherein a few people who borrowed through these apps have been forced to commit suicide and the last week's incidence of a young pregnant woman being mowed down by the recovery agents of Mahindra Finance which financed her father's tractor in Bihar.
Since the past two years, when the negative loan app incidents began to surface the central bank had made many changes in the rule book, including mandating the loan apps to upfront disclose on whose NBFC's or bank's behalf the money was being disbursed.
Why the RBI has not introduced the first loss default guarantee in the recently introduced guidelines for the lending apps, the governor said, our intention is not to penalize anybody or stifle anyone else activity. All that we are saying is that please follow the traffic rules, Das said.
“The Reserve Bank will continue to be supportive of it (digital lending) and will welcome it. We will, in fact, go two steps forward to discuss with you if you just take one step forward. But having said that, these innovations also must be responsible and should enhance the efficiency and resiliency of the financial system while benefiting the consumer.

RBI's firm warning for digital lending apps

As recent incidences wherein a few people who borrowed through loan apps have been forced to commit suicide, RBI wants lending apps to follow the rules of game 

RBI: not interested in penalizing operators or stifling innovation but wants them to follow the rules of the game

Warning against mushrooming of lending apps and their usurious recovery prices, the Reserve Bank said it is not interested in penalizing operators or stifling innovation but wants them to follow the rules of the game.&nbsp;
Addressing the third edition of the global fintech summit here this evening, he said the intention of the central bank is not to penalize or stifle anyone but to ensure that everyone follows traffic rules.
The statement assumes importance in the wake of the recent incidences wherein a few people who borrowed through these apps have been forced to commit suicide and the last week's incidence of a young pregnant woman being mowed down by the recovery agents of Mahindra Finance which financed her father's tractor in Bihar.
Since the past two years, when the negative loan app incidents began to surface the central bank had made many changes in the rule book, including mandating the loan apps to upfront disclose on whose NBFC's or bank's behalf the money was being disbursed.
Why the RBI has not introduced the first loss default guarantee in the recently introduced guidelines for the lending apps, the governor said, our intention is not to penalize anybody or stifle anyone else activity. All that we are saying is that please follow the traffic rules, Das said.
&ldquo;The Reserve Bank will continue to be supportive of it (digital lending) and will welcome it. We will, in fact, go two steps forward to discuss with you if you just take one step forward. But having said that, these innovations also must be responsible and should enhance the efficiency and resiliency of the financial system while benefiting the consumer.

The Reserve Bank has asked all lending institutions to ensure that the scheme of waiver of interest on interest for loans up to ₹2 crore for the six-month mor

RBI asks lenders to implement compound interest waiver scheme by Nov 5

The RBI has asked lenders to ensure that the&nbsp;compound interest waiver scheme is implemented by November 5, as decided by the government

RBI: lenders to implement loan relief scheme by Nov 5
RBI&nbsp;to lenders: credit amount to borrowers&nbsp;by Nov 5
&nbsp;

The Reserve Bank has asked all lending institutions to ensure that the waiver of interest on interest for loans up to ₹2 crore for the six-month moratorium period is implemented by November 5. The lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by November 5. Housing loans, education loans, credit card dues, auto loans, MSME loans, consumer durable loans and consumption loans are covered under the scheme.

loan waiver

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