Relief by FM
1. A relief package of Rs. 1.70 lakh Crore for different sectors of economy has been announced by FM in order to fight with the crisis.
2. Farmers will be given direct cash benefit and its first installment is expected to be transfer in the first week of April 2020. The amount of installment will be Rs. 2000 and it will be credited directly to their bank accounts.
3. For the benefit of Mgnrega workers, FM declare the raise in their monthly wages to Rs. 2000.
4. The widow, pensioners and divyang will be given a onetime ex-gratia support of Rs. 1000 in two installments within a period of 3 months. This will help them to stand economically in the worst situations.
5. All the ‘JanDhan’ Account holder women will be given a support of Rs. 500 for next three months. This will help the women to meet their household expenses in this crisis period.
6. Under the ‘Ujjwala Scheme’ of government, BPL families will be allowed 3 free LPG cylinders for next three months so that they can save their money for food and other essential things.
7. The loan limit for Women Self Helping Group has been increased form Rs. 10 lakh to Rs. 20 Lakh. This loan is collateral free loan and easily available to these groups.
8. The EPF contribution for both employer and employee will be made by government for next three months tenure. Also there is an amendment in the EPFO scheme which allows the member to gat and non-refundable advance of 75% of amount standing in the account or three months of wages, whichever is lower.
9. For helping the construction filed workers FM has allowed the States to use the welfare fund made for construction workers against any economic disruption.
Relief by RBI
1. Repo rates and reverse repo rates has been reduced. Repo rate has been reduced by 0.75% to 4.40% and reverse repo rate reduced by 0.90% to 4%.
2. A moratorium has been announced on all outstanding loans for the period of three months. Now no EMI will be deducted on any loan for next three months and it will not affect the credit score of loan takers. It is to be noted here that it will cover all types of loans including personal loans but will not cover the Credit card as credit cards are not counted as loan.
3. Interest of working capital loan, CC limit will also be deferred by 3 months, so no interest will be charged on these facilities.
Delay in payments will not be considered as failure to pay and therefore it will not affect the classification of assets of banks.
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