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Tuesday
January 2021
2:45 PM IST
News Headlines
England beats Sri Lanka by 7 wickets in 1st test        Fourth Test: Rain forces early stumps with India at 4-0 while chasing 328 to win        Three UK partners with TCS to accelerate 5G network rollout        3 Adani Group-owned domestic airports accredited in ACI health accreditation programme        N. Korea''s parliament rubber stamps new development plans        Kremlin critic Navalny detained after landing in Moscow        'Rooting hard for you': Will departure notes end with Trump?        Tandav controversy: FIR against director, Amazon India head of content        Smiles, sanitizers welcome students as schools reopen in Delhi        COVID-19: India records lowest fatalities in eight months        Proposed tractor rally on Jan 26: It's law & order matter, says SC on plea for injunction against it        PM flags off 8 trains to boost connectivity to Statue of Unity        Fire in luggage van of running train doused in time in Kerala        Kerala logs 5,005 new COVID-19 cases, 4,408 recoveries        Farmer unions say they will go ahead with tractor march in Delhi on Republic Day        Kremlin critic Navalny departs Berlin on Moscow-bound flight        Cargo ship sinks in the Black Sea; 3 dead, 6 rescued        4th Test: Australia 21/0 at stumps, lead India by 54 runs after Sundar, Thakur fightback        NorthEast end winless streak to bag crucial points against Jamshedpur        India take tea break at 62/2, replying to Australia's 369        
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Business News
KFC cuts interest rates in New Year
 
Thiruvananthapuram: The Kerala Financial Corporation (KFC), which has launched a number of stimulus packages in the industrial economy in the wake of the disasters of 2020, is introducing huge interest rate concessions for entrepreneurs this New Year.

"New loans will be available at a base rate of 8%. This is the first time in the history of KFC that loans are given at such a low interest rate," KFC CMD Tomin J Thachankary said on Thursday.

KFC launches special loans worth 1600 crore over the next three months. Special arrangements have been made to expedite the disbursement of such loans. No prior licenses or permits are required prior to the loan. It is sufficient to produce the licenses within three years, he added.

The loans will be provided believing the project report submitted by the entrepreneurs , without detailed inspections.

To avoid delays in granting loans, applicants no longer have to appear in person at the office. The applicant will get a quick decision on the loan after conducting a face-to-face interview with the top officials at the headquarters via video conference.

Securities, which were twice the amount of the loan, were earlier reduced to half now. For example, where the security requirement was Rs 1 crore to take a contractor loan, now security worth Rs 50 lakh is enough. The CMD said that no other financial institution has such a generous approach.

Increase in profit for KFC during Covid period through better performance.

KFC had provided the facility to convert the interest arrears into loans for entrepreneurs who had difficulty in repaying loans during the Covid period. As the one-time settlement scheme came to an end on December 31, a large number of entrepreneurs took advantage of the scheme, which saw an increase in loan repayments.

So far Rs.150 crore has been recovered under the one-time settlement schemes. In addition, KFC was able to make a financial profit by selling 58 items acquired due to non-repayment.

Since details of defaulters are uploaded CIBIL database, a large amount could be recovered. In addition, KFC started uploading details of defaulters in other credit information companies such as CRIF, Experian and Equifax. This will be a setback for the those who took money from KFC and did not repay it intentionally.

The new law requires that buses plying in Thiruvananthapuram, Ernakulam and Kozhikode are to be converted to CNG or electrical if they are to run more than 15 years old. Loans of up to Rs 5 lakh are allowed for such older buses depending on the number of cylinders for converting to CNG.

Repayments will be on a weekly basis. Upon receipt of the Fitness Certificate from the Department of Motor Vehicles, the amount will be paid directly to the conversion company. The loan scheme will benefit about a thousands of buses in the above three cities.


Three UK partners with TCS to accelerate 5G network rollout
3 Adani Group-owned domestic airports accredited in ACI health accreditation programme
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Bajaj Auto sales up 11 pc in December at 3,72,532 units
Reliance, BP commit to pay for any shortfall in KG-D6 production to buyers
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add add GST collection at record-high of Rs 1.15 lakh cr in Dec'20
Reliance CEO donates Rs 1.01 cr to TTDs SVBC trust
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KERALA NEWS
Fire in luggage van of running train doused in time in Kerala
 Thiruvananthapuram: A fire broke out in a luggage van of a running train in Kerala on Sunday and was  
Kerala logs 5,005 new COVID-19 cases, 4,408 recoveries
5,960 new COVID-19 cases, 27 deaths in Kerala
Kerala transport corporation MD alleges Rs 100-crore scam
INTERNATIONAL NEWS
N. Korea''s parliament rubber stamps new development plans
 Seoul, Jan 18 (AP) North Korea's rubber-stamp parliament has passed decisions made by a major ruling
Kremlin critic Navalny detained after landing in Moscow
'Rooting hard for you': Will departure notes end with Trump?
Kremlin critic Navalny departs Berlin on Moscow-bound flight
NATIONAL NEWS
Tandav controversy: FIR against director, Amazon India head of content
 Lucknow Jan 18 (PTI) An FIR has been lodged here against the makers of web series 'Tandav' and Amazo
Smiles, sanitizers welcome students as schools reopen in Delhi
COVID-19: India records lowest fatalities in eight months
PM flags off 8 trains to boost connectivity to Statue of Unity
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