PM Modi announces two new cheap housing schemes; steps to empower farmers, women, senior citizens

Prime Minister Narendra Modi today announced that the government will give the rebate of three and four percent on interest rates to the people who seek loans to build their houses in 2017.

"To make the people of the middle class and the poor to buy or build their homes, the government has brought to schemes under the Pradhan Mantri Awas Yojana," Modi said in his address to the nation on New Year's Eve.

He said a concession of four per cent will be given to those take a loan of up to Rs 9 lakh and three percent on Rs 12 lakh.

The Prime Minister also said that the government would also build 33 per cent more houses in the villages under the Pradhan Mantri Grameen Awas Yojana. He further said that those who want to modify their building or houses, would get three per cent concession on loan of upto Rs 2 lakh.

On the occasion, he also announced a 60-day interest waiver for farmers who have taken loans from district co-operative banks and co-operative societies.

"The government has decided to waive 60-days interest waiver for loans taken by farmers who have taken loans from district co-operative banks and co-operative socities for the Rabi sowing season," he said.

"The cost of the 60-day interest waiver will be directly transferred to the farmers account," he added.

Speaking on demonetisation drive, he said that government was focusing on normalising banking services, especially in rural and remote areas.

"Efforts are on to normalise banking services in the New Year as soon as possible. All the people concerned have been directed to function proactively to normalise banking services, especially in rural and remote areas. They have been told to weed out even the smallest of weaknesses to ensure that problems of villagers and farmers are solved," he said.

The Prime Minister said that thousands of people had written to him about the hardships they faced due to demonetisation but the November 8 decision proved that Indians wanted freedom from corruption.

While terming demonetisation as a ‘historic cleansing ritual’, Modi said, "The corruption had made the people of the country to bow before of it without their will. And they wanted to come out of it."

“People of the country had taken the biggest ‘shudhi yagna’ after Diwali,” he added.

Highlights:

* Banks have been asked to raise cash credit limit to small business to 25 pc from 20 pc: PM Modi

* 8 pc interest rate will be guaranteed on deposits of upto Rs 7.5 lakh for 10 years for senior citizens; interest will be paid monthly: PM Modi

* Govt to stand guarantee for loans upto Rs 2 cr from current Rs 1 cr, to small businesses: PM Modi

* In the next 3 months, 3 crore Kisan credit cards will be converted to RuPay cards which will enable them to buy/sell directly through the card and there will be no need to rush to banks: PM

Govt to pay interest for 60 days on loans taken by farmers for rabi season from district cooperative banks and primary societies: PM Modi

* I urge banks to take initiatives and launch schemes keeping in mind the poor and the middle class people as large amount of money have been deposited in banks; request banks to come out of its traditional way of functioning: PM Modi

* Bank employees and authorities along with people have done exemplary work, yes there have been reports of a few indulging in corruption: PM Modi

Serious offences by bank and govt officials have come to light; no one will be spared: PM Modi

* It is known world wide that Naxalism, terrorism,counterfeit note business get help from black money: PM Narendra Modi

* According to data, only 24 lakh people in the country have declared that their salary is above Rs 10 lakh under Income Tax: PM Modi

* The way people have showed exemplary courage and patience, leaders like Ram Manohar Lohia, Lal Bahadur Shastri and others would be proud of them: PM Modi

* Acknowledge the pain and difficulties citizens had to undergo in the last 50 days. What the citizens have done in the last 50 days is an example in itself and is truly incomparable: PM Modi

* Yet people have faced problems for betterment of nation, this is your blessing. Government is trying try to normalise situation in banks in new year, especially in rural areas: PM Modi

* The problems which the people have faced for the betterment of the country is an example in itself: PM Modi

* I am overwhelmed by the public support post the note ban, says PM Modi

* Even intellectuals will have to accept that Indians have stood up against corruption, says PM Modi

* No economy of our level has as much cash in circulation as ours: PM Modi

* PM Modi terms the demonetisation move a 'shudhi yagna'

* After Diwali, our country took an important decision to curb black money which will have long term benefits: PM Modi