PSU banks loan report: Govt banks lent this much for business, farming during coronavirus months

Under the scheme, the banks provide an additional line of credit of 10 per cent of the existing fund based on working capital limits, subject to a maximum of Rs 200 crore. State-owned banks have sanctioned about Rs 6.45 lakh crore worth loans to various sectors including MSME, agriculture and retail between March 1 and May 15 when businesses were reeling under the impact of COVID-19 crisis. Loans sanctioned at the end of May 8 stood at Rs 5.95 lakh crore.  “Loans worth over Rs 6.45 lakh crore were sanctioned…

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Risk-wary banks may stall small business rescue

Banks wary of bad loans could derail the government’s mega rescue package for small enterprises, industry officials said, since much of the promised money is to be given out as loans. Finance minister Nirmala Sitharaman on Wednesday announced ₹3 trillion collateral-free loans and partially guaranteed ₹20,000 crore of subordinated debt for cash-starved micro, small and medium enterprises (MSMEs). However, the whole plan hinges exclusively on greater lending by banks, which have so far preferred paltry interest from the central bank to greater returns from riskier loans. Experts said private banks…

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Should you go for investment products that come with lock-in?

Uncertain financial situation and the market dynamics coupled with a bleak economic scenario are prompting people to take a hard look at their investment options. Investors are especially concerned about products with long lock-in periods, say five, 10 or 15 years. Many are wondering whether it is the right time to lock funds for the long term. Read more to know what you should do if you are in a similar situation. Enhance your liquidity position Considering job losses and pay cuts in the wake of the covid-19 pandemic, financial…

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Mental Health Tips: Five ways to practise self-care during the COVID-19 pandemic

Self-care, often ignored, is essential for your physical and mental health. What it means is to pay attention to your body and mind, understand what they need and making time to give them that. In times like these, this becomes even more important – the COVID-19 pandemic has lead to a massive increase in stress and anxiety levels. And while it may seem like you can’t possibly find the time for it — given you’re managing your home as well as work — it’ll be better for you in the…

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Why Bill Gates Is Not The Man To Reimagine New York Education

It literally took less than an hour for the pushback to start. Governor Andrew Cuomo dismissively questioned why school buildings even exist these days, and announced that he was enlisting Bill Gates to help reimagine education in the Empire State. From a dozen different corners, the objections came. One day later, Cuomo’s Facebook page attempted to soften the announcement. “Teachers are heroes & nothing could ever replace in-person learning,” the post began, before assuring readers that the reimagining would be done “in full partnership with educators and administrators.” That does…

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Mental health patients in crisis because of coronavirus cutbacks

People with mental health problems are ending up in crisis and at higher risk of suicide because they cannot get their usual help from the NHS during the lockdown, a leading charity has warned. Those struggling with serious conditions have found it hard to cope because their appointments have been cancelled and they have had trouble getting support from their GP, the mental health charity Mind said. The lack of care increased the danger of them self-harming, it said. One in four people who have tried to access help to…

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