The microfinance waiver will exclude taxpayers from income tax, among others: Ashok Singhal

The microfinance waiver will exclude taxpayers from income tax, among others: Ashok Singhal

According to the committee there are around 40 lakh lenders with 26 lakh customers base and 45 lakh bank accounts. Total loan exposure is to the tune of Rs 12500 Crore.
Singhal said, “We have got data from the lenders and are further mining the data.”
Less than Rs 25000 loans constitute 41 percent of the portfolio while loans from Rs 25,000 to Rs 50,000 account for 26 percent, Rs 50,000 to one lakh segment has 21 percent.

The BJP led government which came back to power for the second consecutive term will present its first budget in July.
Sarma on Thursday said that microloan debt waiver as announced by the BJP ahead of Assam polls will find reflection in the state in budget.

Sarma said, “We have got a list of borrowers in the last meeting. They were reluctant to give the list. Work is progressing and the same will find reflection in the state budget to be presented in July.”
The state’s committee on microfinance loan waiver, formed after Himanta Biswa Sarma sworn in as chief minister, is holding meetings with lenders.

Source economictimes.indiatimes.com

The size of the state’s microfinance sector is about Rs 10,900 crore, fallen from Rs 12,000 crore seen in 2019. About 32% of this loan remained overdue for more than 30 days. Going by this portfolio at risk ratio, the size of the debt waiver could be Rs 3,500 crore.
Singhal said, “Several people are facing miseries after taking out loans. RBI guidelines were violated and action will be taken on violators as per the RBI guidelines. We have intervened only when the rules were broken. A democratically elected government cannot ignore such violations.”

The News Highlights

  • The microfinance waiver will exclude taxpayers from income tax, among others: Ashok Singhal
  • Check the latest News news updates and information about business, finance and more.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
AIStorm and Knowles Sign Agreement to Collaborate on Audio Solutions for the Edge

AIStorm and Knowles Sign Agreement to Collaborate on Audio Solutions for the Edge

Emerging audio technologies are transforming battery-operated devices such as TWS earbuds, smart speakers, and AI-enabled remote controls, while ushering in ...
There have been changes in mental health in the last year, in fact it is being called the “Shadow Pandemic”

There have been changes in mental health in the last year, in fact it is being called the “Shadow Pandemic”

You can get in touch with LifeLine by calling 801-936-4000 or visiting lifelineutah.com. So here are some things parents should be looking for: Loss of ...
Get the Echo Show 5, an Orbit sprinkler controller and more

Best Prime Day 2021 deals on Amazon Kindle, Echo and Fire

Of course, Amazon’s own range of devices traditionally enjoys some of the very best discounts on Prime Day. Last year, there were huge savings across some of ...
openSUSE Leap / SUSE Linux Enterprise

openSUSE Leap / SUSE Linux Enterprise

On the table for openSUSE Leap 15.4 / SUSE Linux Enterprise 15 SP4 is offering x86_64-v2 enabled libraries of important base system packages. The developers ...
Google Workspace is available to all users

Google Workspace is available to all users

According to official information from Google, Workspace is currently used by over 3 billion people worldwide. Previously, the package was known as G Suite. ...
CloudLinux’s UChecker utility checks Linux servers

CloudLinux’s UChecker utility checks Linux servers

Offered as part of CloudLinux’s TuxCare security services, UChecker works with all modern Linux distributions and has been licensed under the GNU General ...
$50 off on Sony WH-CH710N ahead of Amazon Prime Day

$50 off on Sony WH-CH710N ahead of Amazon Prime Day

We haven’t reviewed this particular model, but we have reviewed their predecessors, the very similar Sony WH-CH700N and we liked them very much, awarding ...
On Android, the Microsoft Edge Beta channel is now accessible

On Android, the Microsoft Edge Beta channel is now accessible

Just like on the desktop, you can install the different Edge Insider channels side by side on your Android phone or tablet. Both the Canary and Dev channels ...
Facebook will start placing ads in Oculus Quest apps

Facebook will start placing ads in Oculus Quest apps

As on Facebook’s non-VR apps, you can block specific posts or companies from appearing in ad slots. And Facebook says it’s not changing how it collects or ...
The Peloton Bike was susceptible to remote hacking

The Peloton Bike was susceptible to remote hacking

Or put more simply, a hacker could use a USB key to upload a fake boot image file that grants them access to a bike remotely without a user ever knowing. ...
Show next
Compsmag - Latest News from tech, business and health
Logo