Reserve Bank of India Current Affairs - 2020
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The Reserve Bank of India (RBI) has voiced concern on the spike in non-performing assets (NPAs) under the government’s flagship scheme Pradhan Mantri Mudra Yojana to support micro-enterprises in the country.
Disbursements under Pradhan Mantri Mudra Yojana
The annual report of the Pradhan Mantri Mudra Yojana provides following data about the disbursements under the Pradhan Mantri Mudra Yojana:
- The total disbursements under the scheme stood at Rs 2.46 trillion in FY 18.
- 40 per cent of these disbursements went to women entrepreneurs and 33 per cent to social categories.
- More than 4.81 crore micro-borrowers have benefited through the scheme.
The RBI has raised the red flag over the Pradhan Mantri Mudra Yojana since the bad loans under the scheme have increased to Rs 11,000 crore.
Pradhan Mantri Mudra Yojana
Pradhan Mantri MUDRA Yojana (PMMY) launched in 2015 aims to provide loans up to 10 lakh to the non-corporate, non-farm small/micro enterprises. The loans are provided through Commercial Banks, RRBs, Small Finance Banks, Cooperative Banks, MFIs and NBFCs. The Mudra loans are provided under three categories:
- Under Shishu up to Rs 50,000 under.
- Under Kishore for loans between Rs 50,001-Rs 5 lakh.
- Under Tarun for loans between Rs 5,00,001 and Rs 10 lakh category.
The categories signify the stage of growth/development and funding needs of the beneficiary microunit/entrepreneur and also provide a reference point for the next phase of graduation/growth.
Tags: Kishore • Mudra Loans • NPA • Pradhan Mantri Mudra Yojana • Refinancing
- India’s former economic affairs secretary and current member of the Finance Commission Shaktikanta Das is to be appointed as next RBI Governor. He will be the 25th Governor of the apex bank of the country.
About Shaktikanta Das
- Shaktikanta Das is a 1980 batch IAS officer of Tamil Nadu Cadre and a very prominent bureaucrat who served under both NDA and UPA governments.
- He served as economic affairs secretary from 2015 to 2017; and was key official in both big economic moves of the government viz. demonetisation and implementation of GST.
- Appointment committee of cabinet approved Shaktikanta Das appointment as RBI governor. He will serve as governor for the term of three years.
After the resignation of Urijit patel, Shaktikanta Das has been appointed as 25th governor of RBI. Urijit Patel resigned due to personal reasons. His tenure as RBI governor was about to complete in September 2019. Patel has become fourth RBI to step down before end of term. Before him, Sir Osborne Smith, Benegal Rama Rau and S Jagannathan had resigned before completion of their respective tenures.
Tags: Banking • RBI • RBI Governor • Reserve Bank of India • Shaktikanta Das