FinMin releases Rs 17,287 cr to states to fight coronavirus pandemic

The on Friday released Rs 17,287 crore to states to enhance their financial resources during the COVID-19 crisis.

Of this amount, Rs 11,092 crore is towards State Disaster Response Mitigation Fund (SDRMF) to all states.

An amount of Rs 6,195 crore has been released as ‘Post Devolution Revenue Deficit Grant’ to 14 states namely Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Sikkim, Tamil Nadu, Tripura, Uttarakhand and West Bengal.

ALSO READ: Coronavirus LIVE: 2,547 confirmed cases in India as death toll mounts to 62

“The @FinMinIndia today released a total of Rs 17,287.08 crore to different States to enhance their financial resources during the #COVID19 crisis, ” the Office of Finance Minister said in a tweet.

This includes Rs 6,195.08 crore on account of ‘revenue

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As riders go home amid lockdown, queue for e-grocery orders get longer

When the lockdown was announced, Feroze, who worked as a food delivery agent with in Bengaluru, panicked and rushed home to Davangere, five hours away. Now he wants to return. “I have no income; I am exhausting my savings. If I get a pass somehow, I will go back to work,” says Feroze, who earned Rs 28,000-30,000 a month at the start-up.

Though food delivery orders have reduced on the platform, grocery orders have picked up, says another rider who had just completed his 18th delivery of the day.

Online grocery, which is barely about four per cent of India’s $600-700 billion grocery market, has seen an overnight surge. Zomato, too, has begun these services under Zomato Market.

At store BigBasket, slots get filled within the first 15 minutes of opening, post-midnight. “We are serving 75,000 orders but the number of people seeking to order would be 300,000 to 400,000 a day,” says Hari Menon, co-founder and CEO of the Bengaluru-based company. “All our warehouses are open and we have enough stock. We are short of people, that’s all. And we can’t run a business

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My bank turned down my small business loan

If your big bank has turned down your application for a small business loans, they are legally obligated to refer you to an alternative provider under the Small Business, Enterprise and Employment Act 2015 as part of the bank referral scheme.

The scheme exists to ensure that owners of businesses have somewhere to go for financial help.

The issue is, the referral is not always great. It is sometimes to another large bank who, once again, will reject your application for finance.

This is unfair. If you have an established business, a workable business model and finances that show you can repay, you should be approved for a loan. You should also be recommended lenders who are more likely to accept your application.

  1. Why did your bank reject you?

The next step to take is to find out why your bank turned down your application for a small business loan in the first place. The reason may be something as innocent as spelling the name of a director wrongly. Or it might be something as alarming as the bank being unhappy with your balance sheets. Either way, you need to know why you were rejected so you can submit

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