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Loan relief: Government To implement scheme by November 5

Govt to implement a loan relief scheme by November 5, to shell out ₹ 6,500 crore.

Government Issues Guidelines On Loan Relief

Govt issues guidelines on loan relief
Govt to implement scheme by Nov 5
Borrowers to pay simple interest only
Lenders to first credit amount on eligible loans
Govt will reimburse&nbsp;lending institutions
Govt will have to shell out ₹ 6,500 crore

In a relief to borrowers, government has said that it will implement a loan relief scheme by November 5. The Supreme Court had&nbsp;directed government to implement interest waiver on loans of up to ₹ 2 crore under the Reserve Bank of India's moratorium scheme. The relief will come to borrowers in the form of grant of ex-gratia payment of difference between compound interest and simple interest for six months from March 1 to August 30. Lending institutions will first credit the amount on eligible loans up to&nbsp;₹&nbsp;2 crore, which will be reimbursed by the government. Borrowers will only need to pay simple interest for their outstanding borrowing. The government will have to shell out ₹ 6,500 crore for the implementation of the scheme, PTI reported.

Amazon releases data on workers in the US with Covid-19

&nbsp;
American e-commerce firm Amazon has released data on how many of its employees in the US were tested or presumed positive for Covid-19.

American e-commerce firm Amazon has released data on how many of its employees in the US were tested or presumed positive for Covid-19. The tech giant has stated that of the over 13.7 lakh people that worked at Amazon from March 1 to September 19, nearly 20,000 either tested positive or were presumed positive for the novel coronavirus. A CNBC report has stated that the numbers released don't include Amazon's network of third-party delivery drivers.

Govt asks banks to roll out loan restructuring scheme by Sep 15

Finance Minister Nirmala Sitharaman&nbsp;has&nbsp;asked banks and NBFCs to roll out loan restructuring scheme for Covid-19 related stress by September 15

Finance Minister Nirmala Sitharaman has&nbsp;asked banks and NBFCs to roll out loan restructuring scheme for Covid-19 related stress by September 15.&nbsp;
Bankers assured that they are ready with their resolution policies and have started the process of identifying and reaching out to eligible borrowers and that they will comply with the timelines stipulated by the Reserve Bank.
The RBI last month permitted one-time restructuring of both corporate and retail loans without getting classified as NPA. Restructuring benefit can be availed by those whose account was standard on March 1 and defaults should not be over 30 days.

Finance Minister Nirmala Sitharaman, during a meeting on Thursday,&nbsp;asked banks and NBFCs to roll out loan restructuring scheme for Covid-19 related stress by September 15.&nbsp;
Bankers assured that they are ready with their resolution policies and have started the process of identifying and reaching out to eligible borrowers and that they will comply with the timelines stipulated by the Reserve Bank.
The RBI last month permitted one-time restructuring of both corporate and retail loans without getting classified as NPA. Restructuring benefit can be availed by those whose account was standard on March 1 and defaults should not be over 30 days.

march 1

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