Modi announces rebates on housing loans under PM Awas Yojana

Mr. Modi had last addressed the nation on November 8, while announcing the decision to withdraw the legal tender nature of Rs. 500 and Rs. 1,000 notes.

December 31, 2016 06:55 pm | Updated 09:34 pm IST

Prime Minister Narendra Modi

Prime Minister Narendra Modi

Prime Minister Narendra Modi is set to address the nation at 7.30 pm on New Year's eve, a day after the 50-day deadline set by the government for people to deposit scrapped high-value currency notes in banks and post offices expires.

Mr. Modi had last addressed the nation on November 8, while announcing the decision to withdraw the legal tender nature of ₹500 and ₹1,000 notes.



Here are the live updates


Rajnath Singh tweets


People do not believe Modi: Kejriwal





Sushma Swaraj says 'vision rolled out with clarity'


Omar Abdullah reacts


8:12 pm

People have been very patient. In 1917, there was Gandhi's Champaran Satyagraha. After 100 years too, there is value for honesty in India.  Today there is no Gandhi but his path is relevant. We will not let the fight for honesty stop. We have youth, ability, resources. Lets all come together and develop India.

8:10 pm

There is quite a bit of debate by political parties. We should understand people's sentiments. Let political parties not act holier than thou. Let us be transparent. There has been talk for simultaneous LS and Assembly polls. Now the time has come for a debate on this. People want digital payments now. The BHIM app was started  and I urge people to make use of it.  Let all scholars evaluate these policies of ours.

8:06 pm

There are many senior citizens in india. We are starting a scheme for them.  For senior citizens -- on up to 7.5 lakh Rs deposit, yearly 8 pc interest will be there for 10 years.  Interest will be paid monthly.

8:04 pm

Govt decided to give tax relief to small businessmen some time back.  Now on their digital transactions, tax will be calculated on 6% of their income. For pregnant women, a new scheme is being started. 6000 RS will be credited to women's accounts for registration, delivery, vaccination, nutrition. To start with , only in 53 districts covered and only Rs 4000 will be given.

8:01 pm

MSME has an important contribution in society. For MSMEs, we have decided to increase credit guarantee for them to 2 cr from 1 cr. NBFC loans will also be covered under this scheme. Banks should give loans, we take guarantee. Govt has told banks that cash credit limit for small enterprises be increased to 25 % from 20 %.

8:00 pm

Rabi sowing is 6 pc up. Fertilizer sale 9 pc up this time District, cooperative, central banks: if farmers took loan, 60 days of interest will be given and credited to their accounts.  Govt has also decided in the next 3 months, 3 cr kisan credit cards will be converted to Rupay cards.   Anywhere farmers will have to use these cards: Modi

7:55 pm

Govt is bringing some new schemes for the country. Many poor don't have homes even now. Homes went out of reach of even middle class. We have taken some decisions. Under PM Awas Yojana, two new schemes made. In 2017, up to 9 lakh  loan, 4 % discount will be given; For up to loan of 12 lakh, there will be 3 % rebate. On 20 lakh of loan, 2 pc rebate will be given.  

7:51 pm

Village, poor, farmers, Dalits, women -- if they are empowered, the country will be strong and developed: Modi

7:50 pm

Yes, in some banks there have been serious faults. Shameless attempt to benefit has also come to light. They won't be spared. This is a golden opportunity for the banking system. Banks should now keep poor and middle class at the centre. Banks should act in people's welfare. As soon as possible, take decisions for benefit of citizens. We will get good results for future: Modi                        

7:47 pm

Terror, naxalism, Maoism, drug trade, human trafficking, etc rely on black money. This one decision has attacked them. Many youth are shunning violence. We can prevent our children from joining the path of violence. The money that was outside the economic mainstream is back. Technology has helped. The corrupt will have to come to economic mainstream.  Bank officials have worked hard: Modi

7:45 pm

You will be surprised that as per our information only 24 lakh people in India have declared that that their income is more than 10 lakh per annum. Will anyone accept this? See cars, bungalows. Lakhs of such people in each city. Should not the movement for honesty be further strengthened? What will happen to the dishonest? Law will take its own course. Sternly. But govt also wants to help the honest. How to make their lives easy? I agree there are bad experiences people have with govt officers. Be it Centre. State or local bodies, all must protect to defend people's rights : Modi

7:42 pm

Economists have a consensus that cash should be in mainstream of economy. If Shastri, Jaya Prakash Narayan, Ram Manohar Lohia, Kamaraj or other great leaders were alive, they would have blessed us. Citizens want to be back in economic mainstream: Modi.

7:41 pm

What India has done is unprecedented in world history. 500 and 1000 notes were being used more for parallel economy. In our economy there were mountains of notes. Inflation, black marketing was going up. Yes, lack of cash gives pain, but more cash is more painful: Modi

7:40 pm

I know you stood in queues for hours for withdrawing your own money. I have received letters of determination and pain. You spoke as if I was your own. Your love is like a blessing for me. We will try to take banks to normal situation as soon as possible., especially in villages and remote areas. Banks have been informed about this: Modi

7:40 pm

Hardship faced by Citizens will be a shining example  of how foundation for a bright future is laid. This is a historic example of how govt and citizens are together fighting for truth and virtue: Modi

7:35 pm

After Diwali, citizens have faced difficulty but fought to defeat vices. People thought vices of social life had become part of our being.  But we must rethink after Nov 8. 125 cr Indians have proved after Nov 8 how important truth and goodness is for them. How determination to be honest triumphs: PM Modi

7:33 pm

Crores of Indians wanted freedom from stifling corruption. In wars after independence, we saw Indians' nationalism. Intellectuals will later discuss how citizens step out to fight internal impurities: PM Modi

7:30 pm

PM Modi wishes Happy New Year to the nation.  After Diwali, our country took an important decision to curb black money which will have long term benefits: PM Modi

7:18 pm

Yogendra Yadav of Swaraj India gives his wish list


7:15 pm

In yet another change in the rules after demonetisation, the Reserve Bank of India had on Friday increased the cash withdrawal limit from ATMS to Rs 4,500 per day from January 1.

7:02 pm

Prime Minister Narendra Modi recently defended the frequent changes in cash deposit and withdrawal rules after demonetisation, seeing these as a sign of the government being sensitive to people’s feedback as also a response to the ways being devised by the “corrupt” to thwart the government’s drive.


7:00 pm

Mr. Modi may speak about the steps to ease the cash flow that has been a major problem ever since demonetisation was announced. He may also speak on measures to deal with the problems the economy faces.

6:55 pm

In a fresh warning to black money holders whom he labelled as the enemy, Mr. Modi said the government had the time, mechanisms, and the will to seek them out even if they tried to hide behind the bank accounts of others

6:45 pm

Demonetisation was a tough decision to clean up the economy, which would never have been undertaken if he was guided by short-term political gains, Mr. Modi said in an interview to  India Today , excerpts from which were aired on a television channel on Thursday.



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