FinMin claims huge progress in report on measures to boost economy

As per the report card, all public sector banks have introduced Repo Rate Linked Products

In a status report on measures announced to boost economy, the Finance Ministry on Thursday claimed to have fulfilled many, while making significant progress on several others.

As per the report card, all public sector banks (PSBs) have introduced Repo Rate Linked Products (RRLP).

Further, the RBI has mandated that all scheduled commercial banks introduce repo-linked home loan products and external benchmarked linked floating rate loans for retail and MSME borrowers starting October 1.

For customers' ease, the banks have informed the government that they have implemented the 15 day norm for return of security documents after loan closure.

The official data show that in case of 3.59 lakh accounts out of 3.61 lakh loan accounts closed since August 23, security documents were released within 15 days of loan closure.

In order to protect honest decision making, the CVC has communicated that the recommendations of the Internal Advisory Committee of the bank regarding classification of a case as vigilance or non-vigilance as accepted by the DA & CVO and will be treated as final.

As regards relief for the slowdown-hit auto sector, revision of one-time registration fee has been deferred. It has also been clarified that both electric and internal combustion engine-based vehicles will continue to be registered as long as they meet safety and emissions standards.

Further, the much-awaited scrappage policy has been formulated and circulated for comments of stake-holders/general public by November 15.

In a bid to provide relief to MSME sector, almost 97 per cent of pending GST refunds, as on August 23, has been cleared. A total of Rs 10,490 crore has been refunded to smaller firms.

Kick-starting the task of building infrastructure worth Rs 100 lakh crore over the next 5 years, the Task Force to finalize various projects have held 12 meetings so far and deliberated with 17 ministries and departments.

Many measures to push economic growth are currently in the process of implementation and have seen significant progress.