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Banks red-flag: Loans to street vendors in pandemic turning NPAs -Sandeep Singh and Sunny Verma

-The Indian Express Launched in June to help vendors amid the pandemic, the PM SVANidhi scheme is a micro-credit facility that provides street vendors a collateral-free loan of Rs 10,000 at concessional rates of an estimated 7.25%. After being nudged by municipalities to step up loan disbursements under the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) programme, banks are writing back to report that many of these collateral-free loans are turning into...

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Jean Dreze: Last-mile hurdles in NREGA payments puncture India’s techno-utopian delusions ‘We are still very far from financial inclusion in the full sense of the term,’ the economist says in the foreward to a new report on delays in NREGA payments. Transaction failures in Direct Benefit Transfer payments have been widely discussed in recent times, notably in the context of wage payments under the National Rural Employment Guarantee Act, which guarantees memebers of rural families 100 days of work a year. However,...

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India to save  Rs 35,758  crore on key fuel subsidies -Rajeev Jayaswal

-Hindustan Times As per prevailing international prices, the expected subsidy on kerosene sold through the public distribution system in the current financial year is zero. India is expected to save Rs.35,758 crore on kerosene and cooking gas subsidies this year, which is over 91% of the total budgeted fuel subsidy for 2020-21, mainly because of low international oil prices, according to two officials who asked not to be named. As per prevailing international...

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Bihar: After NHRC, HC prod, work begins to bring meals to kids -Dipankar Ghose

-The Indian Express The order came even as the Patna High Court and the National Human Rights Commission (NHRC) took suo motu cognisance of The Indian Express report. Bhagalpur: IN THE STAFF room of the Primary School in Shahabad, Principal Devendra Kumar Singh and teacher Juhi Kumari squinted into the smartphone to read the latest state government order on mid-day meals. Parents of at least three children from Badbilla who study in...

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Nirmala Sitharaman announces Rs. 1.70 lakh crore package for poor

-The Hindu Finance Minister Nirmala Sitharaman on Thursday announced a Rs. 1.70 lakh crore package which is likely to benefit 80 crore people. In her second media conference in a week, Ms. Sitharaman announced a slew of welfare decisions as the nation is under lockdown due to COVID-19 pandemic. Here are the highlights from her speech: * The Finance Minister announced ₹1.70 lakh crore package Pradhan Mantri Gareeb Kalyan Yojana, targetting 80 crore people. *...

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