In his speech, PM seeks to make up for demonetisation pain

Prime Minister Narendra Modi addressed the nation on the eve of new year. He was all praises for the people of the country for their perseverance during the demonetisation drive. He made some key announcement in his speech.

Government has formulated two schemes to construct housing for middle class and lower middle class. Home loans upto nine lakh will have a waiver of four per cent in the interest rate, while that of 12 lakh will have three per cent waiver for urban poor.

As the sowing of rabi crops this season saw a rise of six per cent, the sale of fertilisers saw a rise of nine per cent.

Farmers who have taken loan from District Cooperative Central Bank, government will bear interest for first 60 days on loans taken by farmers from District Cooperative Bank.

30 million Kisan Credit Cards to be converted to RuPay cards. Farmers could only use Kisan Cards at the bank to withdraw money, now this problem won't exist anymore. 

Credit guarantee for MSMEs to be raised to Rs 2 crore from the current Rs 1 cr. NBFC loans to enjoy guarantee as well. The loss to NABARD will be borne by government. The current loss of NABARD is more than Rs 20 thousand crore. 

New national scheme for Pregnant women covering all 650 districts in the country. An amount of Rs 6,000 will be transferred to their account by the government for hospital expenditure, registration, vaccinations and nutrition costs. 

In an announcement for the senior citizens, for ten years, eight per cent interest on FDs upto Rs 7.5 lakh with a provision to get monthly income out of the interest.