Government

COVID-19 impact on Fixed Deposit schemes and its safety considerations

Posted on by PPGI

A 75 basis points cut in the repo in March 2020, banks have started reducing the interest rate on their fixed deposits (FDs). The COVID-19 pandemic’s impact on the economy would be severe and that banks will continue to reduce interest rates in the near term. The RBI will make sure liquidity remains high and interest rates are low so that it can push the economy up after the lockdown is over. Experts are of the opinion that due to COVID-19 Lockdown the assets of many small private financial institutions and co-operative banks will turn into non-performing and therefore it is essential to take case of your Fixed Deposits considering the following points. Interest shall go down but offer assured return and safety With loans being priced at low interest rates due to the linking with the repo rate, it becomes difficult for banks to continue paying higher interest rates on fixed deposits to investors. So, fixed deposit interest rates will come down further because of lower loan rates of repo-inked schemes. But at the same time the deposits offer assured returns and capital safety in the present market conditions. Deposit for shorter Tenure Although interest rates across tenures are […]

Under PM-KISAN Scheme Rs. 17,793 crores released for 8.89 crore farmer families during the lockdown About 19.50 crores households to be distributed pulses under PMGKY

Posted on by PPGI

Department of Agriculture, Cooperation and Farmers Welfare, Government of India is taking several measures to facilitate the farmers and farming activities at field level during the lockdown period. The updated status is given below: Under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Scheme during the lockdown period from 24.3.2020 till date, about 8.89 crore farmer families have been benefitted and an amount of Rs. 17,793 crore has been released so far. In order to provide food security during the prevailing situation due to COVID-19 pandemic, the Government has decided to distribute pulses to the eligible households under Pradhan Mantri Garib Kalyan Yojana (PM-GKY). About 107,077.85 MT pulses have so far been issued to the States/UTs.   Under PMGKY, the States/UTs namely A&N, Andhra Pradesh, Chandigarh, Chhattisgarh, Daman & Diu, Goa, Gujarat have commenced the distribution of pulses to the beneficiaries. Other States like Madhya Pradesh, Punjab, Rajasthan, Telangana, West Bengal, Uttar Pradesh, and Delhi have received the partial stock and will commence the distribution to the beneficiaries in phased manner as per their plan. The distribution of pulses under PMGKY is to benefit around 19.50 crore household  spread across 36 States and Union territories. Source