Critical Minerals Summit concludes (See 'Corp Brief') Cr.P.C. - While adjudicating on bail application court is duty bound to ensure that accused's right to life and right to health is not violated : HC (See 'Legal Desk') PMLA - Petitioner cannot claim bail as matter of right for treatment only at specialized hospital of his choice : HC (See 'Legal Desk') SEBI (Research Analysts) Regulations, 2014 for ontravention of RA Regulations Certificate of Registration of Noticee Gaurav Sarda can be cancelled : SEBI (See 'Legal Desk') REC Ltd declares financial results, records highest ever annual net profit (See 'Corp Brief') Trade Marks Act - Defendant's adoption of Trademark is not in good faith and potential confusion encroaches upon Plaintiff's statutory trademark rights : HC (See 'Legal Desk') SEBI Act - Noticee was maintaining call records which were sent to SEBI : SEBI (See 'Legal Desk') Arbitration - Petition u/s 29A for extension of mandate of Arbitral Tribunal can be filed even after mandate has expired : HC (See 'Legal Desk') Mines Ministry to hold 2-day Critical Minerals Summit (See 'Corp Brief') IBC - When one party owes debt to another and creditor is claiming under written agreement providing for rendering 'service', debt is operational debt if claim of debt has some connection with service : SC (See 'Legal Desk') Companies Act - Stamp duty @5% market value of property is liable to be paid only when property is situated within State of Madhya Pradesh otherwise not : HC (See 'Legal Desk') SEBI Act - Final opportunity of inspection of documents and cross-examination of witnesses should be given to Appellants : SAT (See 'Legal Desk') SARFAESI Act - Mere discovery of new or important matter or evidence is not a sufficient ground for review ex debito justitiae : HC (See 'Legal Desk') Conference organized on Maritime Amrit Kaal Vision 2047 (See 'Corp Brief') PMLA -Bail application can be dismissed as petitioner failed to satisfy conditions for grant of bail : HC (See 'Legal Desk') CSIR, NIScPR organize national workshop to celebrate World Intellectual Property Day (See 'Corp Brief') SEBI Act - Appellants have failed to substantiate their claim of financial distress nor have they brought any new fact or circumstances requiring grant of interim relief : SAT (See 'Legal Desk') ACC delivers lifetime highest annualised PAT (See 'Corp Brief') Trade Mark Act - Marks are visually phonetically and deceptively similar to Plaintiffs' trademarks : HC (See 'Legal Desk') SJVN inaugurates First Multi-purpose Green Hydrogen Pilot Project (See 'Corp Brief') IBC - Even if CIRP commences, Directors, who are incharge of affairs of Company cannot be absolved of any wilful default committed by borrower Company : HC (See 'Legal Desk') REC to extend loan of Rs 1869 Cr for Kiru Hydro Electric Project (See 'Corp Brief')

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Year end review - Govt introduces multiple lending schemes, lending system reforms

Published: Jan 02, 2017

TIOLCORP News Service

NEW DELHI, JAN 1, 2017: THE Prime Minister, Mr Narendra Modi launched Pradhan Mantri Mudra Yojana (PMMY) on April 08, 2015 to provide formal access of financial facilities to Non-Corporate Small Business Sector (NCSBS).  All loans sanctioned on or after April 08, 2015 upto a loan size of Rs.10 lakh for non-farm income generating activities will be branded as PMMY loans. The purpose of the scheme was to promote & ensure bank finance to unfunded segments of the economy.

NCSBS comprising of proprietorship / partnership firms running as small manufacturing units, service sector units, shopkeepers, fruits / vegetable vendors, truck operators, food-service units, repair shops, machine operators, small industries, artisans, food processors and others, in rural and urban areas. Under the scheme, the Borrowers can avail loan facility from any Public/Private/ Regional Rural Banks, NBFCs and MFIs and there will be no processing fee for loans up to Rs.50000/-. As on December 9, 2016 the disbursement amount under the scheme stood at Rs.77,916.54 crore. The number of borrowers were 2.12 with no. of women entrepreneurs standing at 1.68 crore.

The Stand-Up India Scheme envisages extending bank loans between Rs. 10 lakh to Rs. 1 crore for Greenfield Enterprises set-up by SC, ST and Women entrepreneurs and extending effective handholding support to them. Each bank branch is to extend loans to at least one SC/ST and one woman entrepreneur. As on December 23, 2016, total number of loans sanctioned under Stand Up India Scheme is 15341 [Women: 12055, SC: 2568 and ST: 718].

The Gazette notifications regarding bringing into force the Sick Industrial Companies (Special Provisions)  Repeal Act, 2003 under section 1 (2) of the Act and provisions regarding abetment of cases with BIFR/AAIFR under section 4(b) of the Act have been issued resulting into winding up of BIFR and AAIFR and abetment of cases.

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) and the Recovery of Debts Due to Banks and Financial Institutions Act (RDDB & FI Act) have been amended for speedier resolution of defaulted loans.

With regard to capitalization of Public Sector Banks (PSBs), the Government had already infused a sum of Rs. 25,000 crore in 19 PSBs during the financial year 2015-16. A budgetary provision of Rs. 25,000 crore has been made for the year 2016-17 and the Government has already allocated Rs. 22,915 crore to 13 PSBs on July 19, 2016 of which 75% has been allocated in first trench while remaining amount will be released on assessment of performance of PSBs based on their results on the Quarter ending in December. The proposal of acquisition of assets and liabilities of subsidiary banks i.e. State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore and Bhartiya Mahila Bank (BMB).

In order to bring in a comprehensive Central legislation to deal with the menace of illicit deposit taking schemes, enactment of a new Central legislation called the Banning of Unregulated Deposit Schemes and Protection of Depositors' Interests Bill (“Banning Bill”) is underway. A copy of the “Banning of Unregulated Deposit Schemes and Protection of Depositors' Interests Bill, 2015”, along with the Report of the Inter-Ministerial Group (IMG) was placed on the website of the Department of Financial Services (DFS) in March, 2016 for eliciting public comments.  Based on the comments received on the Draft Bill and further consultation with stakeholders, the Draft Bill has been modified. The revised Draft legislation, titled the “Banning of Unregulated Deposit Schemes and Protection of Depositors' Interests Bill, 2016” (Version 2.0), has been uploaded  on the website of the Department of Financial Services on November 17, 2016 seeking comments from the public on the Draft Bill to reach on or before December 17, 2016. ) The Banning Bill seeks to bring out a clear demarcation between regulated and unregulated deposit schemes, comprehensively define deposit takers, and provide strong penal provisions for different offences.

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