Page 2 - Interest
Lawmakers can't use interest on MPLADS for development work in new norms
Parliamentarians cannot utilise interest accrued on MPLADS funds for development works with the Centre revising the norms for utilisation of money under various central sector schemes. According to the revised procedure for flow of funds under the CSS, including MPLADS, of the Finance Ministry, all interest earnings should be compulsorily remitted to the Consolidated Fund of India. The revised procedures have been intimated to MPs by Lok Sabha and Rajya Sabha secretariats. CPI(M) MP John Brittas has strongly objected to the new procedures and urged Finance Minister Nirmala Sitharaman to roll back the decision. The members should be allowed to continue recommending "works for the interest amount accrued for the MPLADS funds disbursed to them every year by retaining the procedure in vogue as such," Brittas said in a letter to the minister on Monday. Copies of the letter were also sent to the Rajya Sabha Chairman, Lok Sabha Speaker and the Minister of Statistics and Programme ...
 "Lawmakers can't use interest on MPLADS for development work in new norms")
RBI lifts interest cap on microfinance institutions, bans usurious rates
Borrower cannot be charged any amount not been explicitly mentioned in a factsheet, says regulator.
 "RBI lifts interest cap on microfinance institutions, bans usurious rates")
Cabinet okays disbursement of additional compound interest waiver claims
238 million borrowers got waiver of interest-on-interest on loans up to Rs 2 crore
 "Cabinet okays disbursement of additional compound interest waiver claims")
Balance transfer your personal loan only if interest gap is 0.5-1% or more
The pre-closure penalty usually ranges from 1 to 5 per cent of the principal outstanding amount
 "Balance transfer your personal loan only if interest gap is 0.5-1% or more")
SBI Cards net doubles to Rs 175 crore in Q4FY21 on lower provisions
Interest income down 20% YoY to Rs 1,072 cr; other income more than doubles to Rs 159 cr
 "SBI Cards net doubles to Rs 175 crore in Q4FY21 on lower provisions")
Loan moratorium: Centre asks banks to foot 'interest on interest' bill
Banks have been told that they can also adjust the amount against future liabilities for all accounts
 "Loan moratorium: Centre asks banks to foot 'interest on interest' bill")
Govt rings in Diwali, waives interest on interest for loans up to Rs 2 cr
Housing loan, education loans, credit card dues, auto loans, MSME loans, consumer durable loans and consumption loans are covered under the scheme
 "Govt rings in Diwali, waives interest on interest for loans up to Rs 2 cr")
Indian banks say govt interest waiver will add to costs, spark litigation
The change will waive the compounded interest component on small business loans and some personal debts from March to August
 "Indian banks say govt interest waiver will add to costs, spark litigation")
Interest subsidy scheme to help exporters face global headwind: Nirmala Sitharaman
She also said there is 'absolutely' no threat for India to provide minimum support price to farmers
 "Interest subsidy scheme to help exporters face global headwind: Nirmala Sitharaman")
Markets end in red on P-Note norms, fears of rising interest
Among the 30-share Sensex pack, 21 stocks declined and the rest nine rose during the week
 "Markets end in red on P-Note norms, fears of rising interest")
High real interest rate causing lowering growth in banks
Main reason of banks facing shortage of funds is sluggish deposit at ASCB with meagre growth of 9.9%
 "High real interest rate causing lowering growth in banks")