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The tourism sector is vital to Kerala's economy. The tourism industry had brought in a revenue of Rs 48,000 crore in 2019-20, with an expected GST revenue of Rs 7,000 crore.
The RBI notified the effective date of merger soon after the Union Cabinet headed by Prime Minister Narendra Modi approved the Scheme of Amalgamation of LVB with DBS Bank India Ltd.
The RBI announced a scheme to merge the cash-strapped lender with DBS India.
The Department of Financial Services came out with operational guidelines in the backdrop of Supreme Court's direction to implement the interest waiver scheme, which is likely to cost the exchequer Rs 6,500 crore.
The deducted amount would be merged with the employee's provident fund from April 2021 onwards.
The court, on October 5, had observed that the Centre's affidavit did not contain necessary details and had asked the Centre and the RBI to file fresh ones in the case.
In an affidavit filed in the apex court in the loan moratorium case, the RBI has said that a long moratorium period could impact credit behaviour of borrowers and increase the risks of delinquencies post resumption of scheduled payments.
In the hearing conducted via video conferencing, the top court took note of the grievances being faced by various sectors such as real estate stating that they have been left out under the Centre's new proposal.
The most important initiative by the government is the financial assistance scheme for the stakeholders in the tourism sector in a bid to revive the COVID-19-hit industry.
In an affidavit filed by Union finance ministry on behalf of the Union of India, it said that the relief to all borrowers in respect of compounding of interest during the period of moratorium would be admissible to the categories specified irrespective of whether the borrowers had availed the moratorium or not.