Cabinet approves Rs 1,500 crore infusion in IREDA to spice up renewable power financing

The Union Cabinet headed by Prime Minister Narendra Modi on Wednesday accepted the infusion of Rs 1,500 crore within the Indian Renewable Energy Development Agency (IREDA). This will allow IREDA to lend Rs 12,000 crore to the renewable power sector, Union Minister Anurag Thakur stated.
Briefing reporters after the Cabinet assembly, Thakur stated the choice was taken within the wake the Reserve Bank of India’s (RBI’s) lending norms. He stated this Cabinet determination will assist IREDA to create renewable power capability of three,500 to 4,000 MW.

The recent infusion may also improve IREDA’s web price which is able to assist it in extra renewable power financing. It may also enhance the capital-to-risk weighted property ratio to facilitate its lending and borrowing operations, the federal government knowledgeable in a launch.
IREDA is a mini ratna firm beneath the Ministry of New and Renewable Energy (MNRE). It was arrange in 1987 as a specialised non-banking finance company for the renewable power sector. IREDA performs a key position within the renewable power challenge financing which provides confidence to the monetary insitutions/banks to lend within the sector.
Apart from this, the Cabinet additionally accepted the fee of ex-gratia quantity of Rs 973.74 crore pertaining to remaining claims submitted by Lending Institutions (LIs) beneath Scheme for grant of ex-gratia fee of the distinction between compound curiosity and easy curiosity for six months to debtors in specified mortgage accounts (1.3.2020 to 31.8.2020), a authorities assertion knowledgeable.
In the context of the Covid-19 pandemic, “Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020)” was accepted by the Cabinet in October 2020, envisaging therein an outlay of Rs 5,500 crore, the assertion stated.
The price range allocation of Rs 5,500 crore was made for the scheme in FY 2020-21 and all the quantity of Rs 5,500 crore, as accepted by the Cabinet, has been disbursed to State financial institution of India (SBI), the nodal company beneath the scheme, for consequent reimbursement to lending establishments.
The estimate of Rs 5,500 crore was arrived at by extrapolating the share of SBI and different banks for the aforementioned class of loans. It was additionally apprised to the Cabinet that the precise quantity could be recognized as soon as particular person lending establishments submit their pre-audited account-wise claims.
Now, SBI has knowledgeable that it has acquired consolidated claims of Rs 6,473.74 crore approx. from lending establishments. As Rs 5,500 crore has already been disbursed to SBI, approval for stability quantity of Rs 973.74 crore was pending, the federal government launch knowledgeable.
Cabinet extends National Commission for Safai Karmacharis tenure until 2025
The Cabinet on Wednesday prolonged the tenure of the National Commission for Safai Karmacharis by three years as much as March 31, 2025, Thakur knowledgeable reporters within the briefing.
The National Commission for Safai Karamcharis (NCSK) was constituted on twelfth August 1994 as a statutory physique by an Act of Parliament for a interval of three years. The validity of the Act was prolonged as much as February 2004 twice by passing modification payments by Parliament, in accordance with the web site of the Commission.
Since the lapse of ‘The National Commission for Safai Karamcharis Act in 2004, the Commission has been performing as a non-statutory physique of the Ministry of Social Justice and Empowerment. The tenure of the Commission was being prolonged every so often by authorities resolutions.
The mandate of the physique consists of recommending to the central authorities particular programmes of motion in the direction of elimination of inequalities in standing, amenities and alternatives for sanitation staff.
-with PTI inputs