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October 2020
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News Headlines
Liverpool midfielder Thiago Alcantara contracts COVID-19        Delhi Capitals skipper Shreyas Iyer fined Rs 12 lakh for slow over-rate        Serena Williams pulls out of French Open with hurt Achilles        Markets mixed after Trump-Biden debate; data lifts China        Govt opening up economy for greater pvt sector participation: Goyal        Maldives thanks India for $250 million support amid COVID-19 pandemic        Pak opens all educational institutions, six months after closure due to COVID-19        Trump urges supporters to watch ballots very carefully        Waiting eagerly for CBI probe outcome in Sushant case:Minister        NHRC notice to UP govt, state police chief over gang rape of Dalit woman        Cong will celebrate Diwali with people after bypolls: Kamal Nath        India's COVID-19 caseload races past 62 lakh, recoveries surge to 51,87,825        All 32 accused in Babri demolition case acquitted; court clears Advani, Joshi of conspiracy charge        Amnesty International halts operations in India        COVID-19:All party meet in Kerala decides to adhere to health protocol strictly,rules out lockdown        Kerala reports 7354 new COVID-19 cases,22 deaths        Tensions mount as Armenia, Azerbaijan continue fighting        Kuwaiti ruler Sheikh Sabah has died at 91        IPL 2020: SRH beat DC by 15 runs runs, register 1st win of season        Djokovic drops only 5 games        
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Business News
Extend loan automatically to all eligible borrowers without fear of 3Cs: FM to banks
 
New Delhi: Finance Minister Nirmala Sitharaman on Saturday said banks have been asked to extend loans automatically to eligible borrowers without fear of 3Cs -- CBI, CVC and CAG.

She said clear instructions have been given in a meeting with CEOs and MDs of public sector banks and financial institutions on Friday that the banks should not be scared to extend loans as 100 per cent guarantee is being given by the government.

In case of default, the individual bank or official will not be hauled up, she said in a conversation with BJP leader Nalin Kohli uploaded on the party's social media platforms.

"Yesterday, I reiterated that by saying, if a decision goes wrong, and if there is a loss, the government has given 100 per cent guarantee now. It is not at all going to be on the individual official and on the bank, and therefore without fear they should take this automatic route in the sense, everybody eligible for additional term loan and additional working capital should be given," she said.

As part of the Rs 20.97 lakh crore comprehensive economic package, the government announced the Emergency Credit Line Guarantee Scheme (ECLGS) worth Rs 3-lakh crore for the MSME sector, hit hard by the coronavirus crisis.

It is being said that the genuine bonafide decisions in the banking sector are being impacted because of the worry of undue harassment by 3Cs--Central Bureau of Investigation (CBI), Central Vigilance Commission (CVC) and Comptroller and Audit General (CAG).

The Finance Ministry has taken several steps to allay those fears including withdrawing some of the notifications which were causing fears among bankers, she said.

"...concerns these banks have had in their minds earlier, and may have even now are absolutely well founded. In fact, through my last 7-8 months, I have spent at least three different times with the banks to say that the fear of the 3Cs as they refer to the CBI, CVC, and also the CAG should not be in their minds," she said.

When asked about criticism about leaving many critical sectors including hospitality, auto and civil aviation in the economic package, Sitharaman said the government has not taken a sectoral approach but a holistic approach.

"Except agriculture and the power sectors where reforms would be undertaken, other than that I have not come up with any sectoral reference. What has now become to be called as MSME package, it includes MSME, and also aims at touching others (sectors) too,..So the sectors that you are referring to can also benefit through this," she said.

It is based on the understanding that any enterprise "with a certain exposure to the bank and with a certain invested capital, or with a certain turnover if they need additional term loan, additional working capital in order to buy their own material to restart, in order to be able to pay some fixed cost, it can take that route," she said.

She expressed hope that from June 1, liquidity would start flowing from banks without any new collateral.

During the meeting with bankers, the Finance Minister said it was emphasised that the loans should be sanctioned in a simple manner and if possible digitally to avoid any physical contact.


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KERALA NEWS
Kerala reports 7354 new COVID-19 cases,22 deaths
 Thiruvananthapuram: Kerala on Tuesday again registered a spike in new COVID-19 cases reporting 7,354  
COVID-19 tally in Kerala racing towards 1.50 lakh mark
Take steps to attach properties of pvt financial institution; HC to govt
Kerala logs single-day highest spike of 3,830 COVID-19 cases
INTERNATIONAL NEWS
Maldives thanks India for $250 million support amid COVID-19 pandemic
 United Nations, Sep 30 (PTI) The Maldives has thanked India for the financial assistance of USD 250
Pak opens all educational institutions, six months after closure due to COVID-19
Trump urges supporters to watch ballots very carefully
Tensions mount as Armenia, Azerbaijan continue fighting
NATIONAL NEWS
Waiting eagerly for CBI probe outcome in Sushant case:Minister
 Mumbai, Sep 29 (PTI) Maharashtra Home Minister Anil Deshmukh on Tuesday sought to know what happened
NHRC notice to UP govt, state police chief over gang rape of Dalit woman
Cong will celebrate Diwali with people after bypolls: Kamal Nath
Amnesty International halts operations in India
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