THE Government on Wednesday decided to infuse Rs 1,500 crore in the Indian Renewable Energy Development Agency Limited (IREDA), raising its lending capacity to Rs 12,000 crore. A proposal in this regard was approved by the Cabinet Committee on Economic Affairs. Briefing reporters after the Cabinet meeting, Information and Broadcasting Minister Anurag Thakur said the decision has been taken in the wake the RBI’s lending norms. The Minister said the infusion of Rs 1,500 crore will enable IREDA to lend Rs 12,000 crore to the renewable sector.

 

The Cabinet decision will help IREDA to create renewable energy capacity of 3,500 to 4,000 MW. Cabinet sanctions Rs 973 cr to SBI for ex-gratia payment to borrowers: THE Government approved sanction of Rs 973.74 crore to State Bank of India (SBI) as reimbursement related to loan moratorium that was implemented in 2020 amid the pandemic. Briefing media Thakur said the Budget had made provision of Rs 5,500 crore for the scheme of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts. Of this, Rs 4,626 crore payment was made in 2020-21, he said, adding, an additional claim of Rs 1,846 crore is pending. To clear this, he said, the Union Cabinet has approved sanction of remaining Rs 973.74 crore to SBI towards payment of these dues. On March 27, 2020, RBI announced a loan moratorium on payment of instalments of term loans falling due between March 1 and May 31, 2020, due to the pandemic. Later, the same was extended to August 31.