This time the Modi government is on the side of the middle class, a loan guarantee of three lakh rupees for small businesses

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BanglaHunt Desk: Prime Minister Narendra Modi announced a nationwide lockdown on March 24. The lockdown is currently in its fifth week across the country. The bleeding of the economy is increasing every day. Gradually the backbone of small traders is breaking down. In this situation, the Modi government has taken initiative to save the lives of small businessmen. According to sources, the Modi government will guarantee a loan of Rs 3 lakh crore to save small businesses.

It is learned that from now on small traders will get 20 percent more loans than before. The center will guarantee this extra money. The Modi government will set up a separate fund for this, if the small business cannot repay the loan, the center will repay it from this fund. Traders will be able to avail these loans from various banks, NBFCs and other financial institutions.

Earlier, the Reserve Bank of India, the apex banking body, took major financial steps during the country's crisis. At the press conference, the World Bank informed that the repo rate will be reduced. Besides, the highest bank has made some special announcements

The Governor announced the decision of the Monetary Policy Committee
75 basis points Kamal Reserve Bank. The repo rate fell to 4.4 percent from 5.15.
EMI of all bank loans suspended for three months.
The reverse repo rate was reduced by 90 basis points to 4 percent.

The Reserve Bank has taken this financial step to keep the banking sector afloat. GDP growth is expected to slow to 3.2 percent due to the global epidemic.

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