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Govt in process of approving Rs 20,000-crore lifeline to fund-starved NBFCs The budget had proposed a partial credit guarantee scheme worth Rs 1 trillion under which public sector banks would buy high-rated pooled assets of financially sound NBFCs Current Affairs :Money Secretary Rajiv Kumar on Monday said that the administration is authorizing Rs 20,000 crore to the reserve starved NBFCs under the incomplete credit ensure conspire declared in the spending limit. “We have supporting authorizations of over Rs 20,000 crore and the assurance is being expanded,” Kumar told correspondents uninvolved of the 101st establishment day of state-run Union Bank of India here. He said a portion of the conventions are being worked now post which the plan will get this show on the road. Kumar said banks have been purchasing pooled resources since August a year ago after defaults by IL&FS started. He said since the previous five years, the administration has been tidying up the balan...

Will ask firms to clear Rs 40,000-cr MSME dues fast: FM Nirmala Sitharaman NBFCs with a minimum rating of ‘AA’ are allowed to participate in the scheme. Current Affairs :The administration will ask huge corporates to facilitate clearing contribution worth Rs 40,000 crore to miniaturized scale, little and medium undertakings (MSMEs), Finance Minister Nirmala Sitharaman said on Monday. The legislature will likewise change a plan for giving a one-time credit assurance to open division banks (PSBs) for acquisition of pooled non-banking money related organizations’ (NBFC) resources for permit more NBFCs to take an interest in it. “The corporate issues service has a total rundown of organizations, which have expressed that they owe MSMEs almost Rs 40,000 crore. We are adopting a two dimensional strategy so that before Diwali, MSMEs will get the levy,” Sitharaman said. Corporate Affairs Secretary Injeti Srinivas will keep in touch with these huge corporates, who have announce...