Highlights of PM Modi's mega New Year sops

New Delhi: Prime Minister Narendra Modi on Saturday addressed the nation, in which he spelled out the roadmap ahead after the deadline of depositing demonetised notes expired on Friday. This was his second address to the nation since his announcement in a similar address on November 8 to scrap old Rs 1,000 and Rs 500 notes.

He announced a slew of sops as follows:

1) Senior citizens will get 8 percent interest on deposits of upto Rs 7.5 lakh for 10 years and deposit of Rs 6000 into accounts of pregnant and lactating women in rural areas to meet medical expenses.

2) Banks will not charge interest for 60 days on loans taken from district cooperative central bank and primary societies for rabi crop.3)

3) In 3 months, 3 crore Kisan Credit Cards will be transformed to RuPay credit cards for farmers.

4) For construction or expansion of a rural house, 3 percent interest will be waived on loan of upto Rs 2 lakh.

5) Announcing two new schemes under Pradhan Mantri Awas Yojana, he said 4 percent interest subvention on loans upto Rs 9 lakh and 3 percent on loan upto Rs 12 lakh.

6) He also said that government will take stand to guarantee for loans upto Rs 2 crore from current Rs 1 crore, to small businesses. Banks have been asked to raise cash credit limit to small business to 25 percent from 20 percent, said Modi.

7) Kisan Credit Cards to be changed to Rupay cards for ease of use.

8) Eight percent interest rate will be guaranteed on deposits of upto Rs 7.5 lakh for 10 years for senior citizens and interest will be paid monthly, said Modi.

9) Rs 6,000 to be put into accounts of pregnant women in 650 districts for vaccination and other medical use, announced the prime minister.

10) Government to bear 60 days interest on farm loans taken from District Cooperative Central Bank and primary society.