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The income-tax department said that it had processed 21 million refunds for the current assessment year 2019-20 as on November 28, 2019, a 20% year-on-year jump(Getty Images/iStockphoto)

Loans worth Rs 5 lakh cr, rise in income tax refunds may push up spending

Hindustan Times, New Delhi | By Rajeev Jayaswal
UPDATED ON DEC 04, 2019 09:39 AM IST
The loans push is part of the government’s efforts to revive demand in a slowing economy. Data released on Friday showed that the economy expanded by 4.5% in the second quarter (ending September 30) of 2019-2020, the lowest rate of growth since March 2013.
On Monday, federal investigators went after Usha Ananthasubramanian, currently the head of state-run Allahabad Bank, filing formal charges over her alleged involvement in a multi-billion dollar fraud involving jeweller Nirav Modi.(File photo)
On Monday, federal investigators went after Usha Ananthasubramanian, currently the head of state-run Allahabad Bank, filing formal charges over her alleged involvement in a multi-billion dollar fraud involving jeweller Nirav Modi.(File photo)

Think twice before busting India’s ailing banks

Bloomberg | By Mihir Sharma
UPDATED ON MAY 17, 2018 07:22 PM IST
Most small and medium enterprises are still dependent on bank credit -- particularly from state-owned banks, since private-sector banks tend to avoid lending to companies.
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