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( 13 May 2019)
India plans to introduce debt relief scheme for small borrowers

India has planned to introduce a new debt relief scheme. Small farmers, small borrowers aimed at micro enterprises or people with annual income of Rs 60,000 or less, outstanding loans of Rs 35,000 or less, and assets worth Rs 20,000 or less may be eligible for the debt relief.

It will be a well-organized loan waiver scheme for small entrepreneurs, small enterprises, farmers and other individuals.

The scheme has the expected cost of Rs 20,000 crore that will help millions in small ticket loan category.

The plan will be one of the quality aspects to make changes to Insolvency and Bankruptcy code.