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  • Banking (Budget 2019-20): Allocates Rs 70000 crore for PSBs capitalization, gives push for digital payments

    Budget Provisions:

    Financial gains from cleaning of the banking system are now amply visible. NPAs of commercial banks have reduced by over 1 lakh crore over the last year, record recovery of over 4 lakh crore due to IBC and other measures has been effected over the last four years, provision coverage ratio is now at its highest in seven years, and domestic credit growth has risen to 13.8%.

    Government has smoothly carried out consolidation, reducing the number of Public Sector Banks by eight. At the same time, as many as six Public Sector Banks have been enabled to come out of Prompt Corrective Action framework.

    Having addressed legacy issues, Public Sector Banks are now proposed to be further provided Rs 70000 crore capital to boost credit for a strong impetus to the economy.

    To further improve ease of living, they will leverage technology, offering online personal loans and doorstep banking, and enabling customers of one Public Sector Bank to access services across all Public Sector Banks.

    Government will initiate steps to empower accountholders to remedy the current situation in which they do not have control over deposit of cash by others in their accounts. Reforms will also be undertaken to strengthen governance in Public Sector Banks.

    This Government has supported and encouraged women entrepreneurship through various schemes such as MUDRA, Stand UP India and the Self Help Group (SHG) movement. In order to further encourage women enterprise, its proposed to expand the Women SHG interest subvention programme to all districts. Furthermore, for every verified women SHG member having a Jan Dhan Bank Account, an overdraft of Rs 5000 shall be allowed. One woman in every SHG will also be made eligible for a loan up to 1 lakh under the MUDRA Scheme.

    Government has taken a number of initiatives in the recent past for the promotion of digital payments and less cash economy. To promote digital payments further, its proposed to take a slew of measures. To discourage the practice of making business payments in cash, its proposed to levy TDS of 2% on cash withdrawal exceeding 1 crore in a year from a bank account.

    Further, there are low-cost digital modes of payment such as BHIM UPI, UPI-QR Code, Aadhaar Pay, certain Debit cards, NEFT, RTGS etc. which can be used to promote less cash economy. Its propose that the business establishments with annual turnover more than Rs 50 crore shall offer such low cost digital modes of payment to their customers and no charges or Merchant Discount Rate shall be imposed on customers as well as merchants.

    RBI and Banks will absorb these costs from the savings that will accrue to them on account of handling less cash as people move to these digital modes of payment. Necessary amendments are being made in the Income Tax Act and the Payments and Settlement Systems Act, 2007 to give effect to these provisions.

    In order to encourage resolution for companies whose board of directors have been suspended by National Company law Tribunal (NCLT) and new Directors have been appointed by NCLT on the recommendation of the Central Government, it is proposed that the conditions of continuity of shareholding for carry forward and set off of losses shall not apply to such companies. It is also proposed to provide that for the purposes of computation of Minimum Alternate Tax (MAT) liability of such companies, the aggregate of brought forward losses and unabsorbed depreciation shall also be allowed as deduction.

    In order to incentivize purchase of affordable house, it is proposed to provide a deduction upto Rs 1.5 lakh for interest paid on loan taken for purchase of residential house having value upto Rs 45 lakh. This shall be in addition to the existing interest deduction of Rs 2 lakh.

    The government has allocated Rs 350 crore for 2019-20 for 2% interest subvention (on fresh or incremental loans) to all GST-registered MSMEs, under the Interest Subvention Scheme for MSMEs.

    Stand-Up India Scheme to be continued for the period of 2020-25. The Banks to provide financial assistance for demand based businesses.

    The government aims to cut its fiscal deficit target to 3.3% of GDP in 2019-20 against 3.4% estimated earlier.

    India's sovereign external debt to GDP is among the lowest globally at less than 5%. The Government would start raising a part of its gross borrowing programme in external markets in external currencies. This will also have beneficial impact on demand situation for the government securities in domestic market.

    Stocks to watch

    State Bank of India, Bank of Baroda, Union Bank of India, Axis Bank, ICICI Bank, HDFC Bank

    Outlook

    The government has further allocated capital funds of Rs 70000 crore for 2019-20 to public sector bank which would help these banks to boost loan growth. Reforms will also be undertaken to strengthen governance in Public Sector Banks. The target to grow economy to US$ 5 trillion level and government proposing to spend Rs 100 lakh crore on infrastructure over next 5 years provides strong growth opportunities for the banking sector. The budget has also given push resolution of stressed assets and digital payments, which is positive for the banking sector.

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Flash News 05-Mar-2021
  •  ( 11:34) PVR launches 6-screen property in Forum Centre City Mall, Mysuru  
  •  ( 11:28) Equity indices trade sideways with losses  
  •  ( 10:49) PNB Housing Finance, Yes Bank join hands to offer customized retail loans  
  •  ( 09:52) Dilip Buildcon receives LoA for two Karnataka-based projects  
  •  ( 09:45) BCPL Railway Infrastructure bags a LoA from Railway Vikas Nigam  
  •  ( 09:29) Positive market breadth  
  •  ( 09:25) Nifty drops below 15,000   
  •  ( 09:24) ISGEC Heavy Engg. secures a deal from Shree Cement to set up boilers  
  •  ( 09:22) Wipro acquires London-based Capco for $1.45 billion  
  •  ( 09:19) Market trading lower in early trade  
  •  ( 08:15) OPEC+ extends most oil output cuts into April  
  •  ( 08:09) US stocks drop on Thursday as Powell fails to ease rate fears  
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05 March 2021 13:26
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