The government would provide interest subsidy under the scheme
GN Bureau | January 24, 2017
The union cabinet has approved a new scheme for promotion of rural housing in the country. The government would provide interest subsidy under the scheme.
The interest subsidy would be available to every rural household that is not covered under the Pradhan Mantri Aawas Yojana (Grameen), PMAY(G).
Read: Housing is a human right, says Leilani Farha
The scheme would enable people in rural areas to construct new houses or add to their existing pucca houses to improve their dwelling units. The beneficiary who takes a loan under the scheme would be provided interest subsidy for loan amount up to Rs. 2 Lakhs.
Read: Nandita Chatterjee, secretary, MHUPA on housing for all
National Housing Bank would implement the scheme. The government would provide net present value of the interest subsidy of 3 percent to the National Housing Bank upfront which will, in turn, pass it to the Primary Lending Institutions (Scheduled Commercial Banks, NBFCs etc.). As a result the equated monthly instalment (EMI) for the beneficiary would be reduced.
Under the scheme, the government would also take necessary steps for proper convergence with PMAY-G including technical support to beneficiary through existing arrangements. The new scheme is expected to improve housing stock in the rural areas, as well as create employment opportunities in rural housing sector.
A top Reserve Bank of India official had waved the red flag, a year back, regarding the SWIFT messaging system. SWIFT was used in a fraud amounting to Rs 11,000 crore at a Punjab National Bank branch that benefited billionaire diamond jeweler Nirav Modi. Former RBI deputy gover
Delhi chief secretary Anshu Prakash’s claim that he was manhandled by Aam Aadmi Party (AAP) lawmakers in the presence of Delhi chief minister Arvind Kejriwal has kicked up a storm. Here is what transpired on Monday night and the events that unfolded through Tuesday.
Is banks` messaging system SWIFT secure enough?
Diagnosing what ails India’s governance, Bihar chief minister Nitish Kumar used to name three units or offices that are so corrupted that they are beyond redemption: village patwaris, police station darogas and Railways ticket collectors. In his stint as executive head of Bihar, he seems to have incl
Could RTI have saved banks from scams?
The Right to Information (RTI), used efficiently, could have helped activists and bankers expose irregularities much before they snowballed into full-fledged scams – the one at Punjab National Bank (PNB) being only the latest example. That is the argument coming from Shailesh Gandhi, f