Govt pushes PSU banks to provide cheaper loans to small businesses

The government is pushing public sector banks to provide additional working capital to small businesses at 7.5% interest under the loan guarantee scheme that proposes to provide up to Rs 3 lakh crore, while also asking them to ensure that senior citizens earn higher returns on their fixed deposits. Bankers have been asked to ensure widespread implementation of the Pradhan Mantri Vaya Vandana Yojana.