Finance minister nirmala sitharaman announces budget allocation of Rs 30,757 crore for development of kashmir - SRINAGAR/JAMMU' target='_blank' title='jammu and kashmir-Latest Updates, Photos, Videos are a click away, CLICK NOW'>jammu and kashmir and Rs 5,958 crore for Ladakh. She said "Government is fully committed to supporting new UTs of J&K and Ladakh". For banking Sector she said "The insurance cover for each depositor is currently Rs 1 lakh. We are raising it to Rs 5 lakh per depositor, amid the crisis at PMC and other banks. "Robust mechanism in place to monitor health of banks, depositors' money is absolutely safe".
Perhaps fiscal deficit target for FY 2020 revised to 3.8 per cent of GDP, says Nirmala Sitharaman. "For the FY21 the target has been revised to 3.5 per cent". Moreover subordinate debt for entrepreneurs of MSMEs will be provided and will be treated as quasi-equity, and more than 5 lakh MSME benefited from debt restructuring last year. government has asked bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>rbi to consider extending window of debt structuring by one year to march 2021 for this purpose.
Perhaps government to list lic on the stock exchanges. Also big news on life insurance corporation of india which is the largest institutional investor. Moreover she reiterated that all deposits are safe. NBFC Eligibility for SARFAESI Act reduced to Rs 100 crore from Rs 500 crore AUM.Remaining stakes in IDBI bank to be sold. She said Farmers income will be doubled by 2022. She said " We have estimated nominal growth of GDP for the year 2020-21 on the trends available, at 10%".