The objective was to help millers in clearing cane arrears and divert surplus sugar for ethanol manufacturing.

FM said that banks have been asked to provide bill discounting facility to the MSME sector against payments due from the large corporates.

The GST Council consists of the finance ministers of Centre and all the states, decides on tax rates.

RBI increased loan exposure limit of banks to a single NBFC from 15 per cent to 20 per cent.

RBI’s task force also recommended easing rules around the securitisation of loan assets.

The total loan applications across categories in all the six cities rose to 15 per cent, from 9 per cent.

Allahabad Bank also cut the rate of interest on retail term deposits by 10 bps across all buckets in more than 1 year effective September 1.

SBI has also cut the credit period for dealers to 60 days from 90 days.

Approval will also unlock an additional USD 38 billion from Pakistan’s international partners over the programme period.

Muthoot Finance will give unsecured loans of Rs 1-10 lakh at an interest rate of 13.5-23 per cent to salaried class only.