Govt says attempting to lower personal loan growth
Government on Friday said there was a deliberate attempt to slow down the growth in personal loans as part of anti-inflationary measures.
By PTI |
NEW DELHI: Government on Friday said there was a deliberate attempt to slow down the growth in personal loans as part of anti-inflationary measures.
While personal loans grew by 23 per cent during 2006-07, it was lower than the overall credit expansion, Minister of State for Finance P K Bansal told Lok Sabha in a written reply, adding the government was pursuing a policy to encourage growth while disallowing inflationary pressure.
In reply to another query, he said there is no scheme before the government to lower the rate of interest to four per cent per annum on crop loans availed by farmers.
The government is providing interest subvention of two per cent per annum to public sector banks, regional rural banks and cooperative banks on their lending, he said.
Shortage of coins: Bansal, in reply to a separate question, said shortages of coins were reported from various parts of the country around second half of 2006-07, after which the minting of coins and their distribution through RBI was accelerated and steps taken to meet the demand.
The demand for 50 paise and 25 paise coins is less as compared to coins of Re 1, Rs 2 and Rs five denominations, he added.
To another query, he said the RBI has reported that a few instances have been brought to its notice where attempts were made by some persons to use plastic cards other than credit/debit cards at ATMs to effect withdrawal of cash, particularly in Chennai.
While personal loans grew by 23 per cent during 2006-07, it was lower than the overall credit expansion, Minister of State for Finance P K Bansal told Lok Sabha in a written reply, adding the government was pursuing a policy to encourage growth while disallowing inflationary pressure.
In reply to another query, he said there is no scheme before the government to lower the rate of interest to four per cent per annum on crop loans availed by farmers.
The government is providing interest subvention of two per cent per annum to public sector banks, regional rural banks and cooperative banks on their lending, he said.
Shortage of coins: Bansal, in reply to a separate question, said shortages of coins were reported from various parts of the country around second half of 2006-07, after which the minting of coins and their distribution through RBI was accelerated and steps taken to meet the demand.
The demand for 50 paise and 25 paise coins is less as compared to coins of Re 1, Rs 2 and Rs five denominations, he added.
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To another query, he said the RBI has reported that a few instances have been brought to its notice where attempts were made by some persons to use plastic cards other than credit/debit cards at ATMs to effect withdrawal of cash, particularly in Chennai.
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