Bank holiday Alert 9 June 2021: As per the latest updates, the banks will be closed on June 12 on account of second Saturday and then it will be closed on June 13 for Sunday is a public holiday across the country and then on June 15th the banks will be closed in many parts of the country own account of YMA Day/Raja Sankranti festivals are celebrated in Mizoram’s Aizwal and Odisha’ Bhubaneswar respectively.
Bank customers must not that the banking regulator RBI has notified the holidays for lenders under three brackets Negotiable instruments act holiday Real time gross settlement Holidays and Banks’ closing of accounts.
As per the guidelines , all the banks across the country including the public sector private sector, foreign banks, corporate banks and regional banks across the country regional banks across the country regional banks across the country will remain closed on this notified holidays.
Another crucial thing to take note that the bank holidays vary from one state to another end this banks are closed Republic day (January 26),Independence Day (August 15 )and Gandhi jayanti (October 2) Christmas Day (December 25)banks also remain shut on festivals including Diwali ,Christmas ,Eid , Guru- Nanak jayanti, Good Friday .
world Bank approved a $500 million program to support Indian’s MSMEs
The world Bank’s (WB) Board of Executive Directors has approved a $500 million programme named ‘Raising and Accelerating Micro, Small and Medium Enterprises (MSME) performance’(RAMP), to support the government of India’s nationwide initiative to strengthen the MSME sector, which has been heavily impacted due to covid -19.
- Maturity: The $ 500 million loan, which will be provided from the international Bank for Reconstruction and Development (IBRD) , an arm of the world Bank Group, has a maturity of 5years including a 5.5- year grace period.
Targets of RAMP:
1.The program RAMP targets to improve the performance of 555,000 MSMEs. It is expected to mobilize financing of $ 15.5 billion, as part of the government ‘s $ 3.4 billion MSME
Competitiveness- A Post -covid Resilience and Recovery Programme (MCRRP).
2.Till date 5 million MSME firms have accessed finance from the government’s program.
Note – The WB’s financing over 2020 towards improving the MSME sector amounts to $1.25 billion.
About world Bank:
President-David R. Malpass (13th president) Headquarters- Washington DC, USAWorld Bank country Director in India- junaid Ahmad .