The central bank said in its notification that the action is based on certain material supervisory concerns observed in the “manner of onboarding” of their customers onto this mobile application.
Earlier, the Reserve Bank of India (RBI) announced the status quo on the repo rate maintaining it at February level of 6.5 per cent.
The Bank of Baroda's 8 DBUs have been opened in Indore, Kanpur Dehat, Karauli, Kota, Leh, Silvassa, Vadodara, and Varanasi.
Under the scheme, a subscriber would receive a minimum guaranteed pension of Rs 1000 to Rs 5000 per month from the age of 60 years, depending upon his contribution.
In this program, Hon'ble District Magistrate Pranjal Patil Lahan Singh, IAS, attended the program and also distributed loan sanction letters to the beneficiaries.
On basic savings bank deposit (BSBD) accounts, including Jan Dhan accounts, the government informed that no service charge is applicable on the 60.04 crore BSBD accounts, including 41.13 crore Jan Dhan accounts opened by the poor and unbanked segments of society, for the free services prescribed by the Reserve Bank of India.
The official said that the company had been sanctioned Rs 150 crore by the Bank of Baroda and Rs 100 crore by the Syndicate Bank.
All existing MSME borrowers with outstanding credit of up to Rs 25 crore as on February 29 and with an annual turnover of up to Rs 100 crore would be eligible for funding under the scheme.
The revised rate will be applicable on personal, retail and MSME loans and its will come into effect from March 28.
Prabhakar joined PNB on March 1, 2018 and holds a Master's Degree in Agriculture and a Certified Associate of Indian Institute of Bankers (CAIIB).
