Seven months down the line, not much progress has been made, except that the scheme is still being fine-tuned.
Axis Bank was the top gainer in the Sensex pack, surging over 13 per cent, followed by ICICI Bank, IndusInd Bank, Maruti, TCS, Kotak Bank and Reliance Industries. On the other hand, Nestle India, HUL, Tech Mahindra and Sun Pharma ended in the red. NSE Nifty zoomed 273.95 points, or 3.03 per cent, to finish at 9,266.75.
Jaitley slams Rajan for MSME banking crisis statement, says postmortem is easier than action
The finance minister chaired a meeting through video conference with major private banks and NBFCs to ensure effective rollout of ECLGS and uninterrupted liquidity to Indian MSMEs in this difficult time.
Proposal to provide weighted deduction at 150 per cent of expenditure incurred on skill development in manufacturing sector.
Stung by the controversy over the sudden sacking of the Managing Director at India's largest microfinance institution, SKS Microfinance, lenders have decided to raise corporate governance issues at board meetings of other MFIs.
After supplying Micro Electrical Mechanical System-based (MEMS-based) Inertial Navigation System to the Navy and the Airforce, Whirlybird Electronics, the co-incubated company of Indian Institute Management, Ahmedabad (IIM-A), is looking for markets in the automation and automobile industry.
Direct tax realisation, however, is likely to fall short of the enhanced target of Rs 3.87 lakh crore (Rs 3.87 trillion), mentioned in the revised estimate for 2009-10.
Union Finance Minister P Chidambaram will meet the heads of public sectors banks and financial institutions, like IFCI and Small Industries Development Bank of India (Sidbi) on Tuesday to review their performance for the second quarter ended September 2008.
The government on Wednesday approved Rs 10,000 crore (Rs 100 billion) 'Fund of Funds for Startups' to support them with an aim to generate employment for 18 lakh persons.
Bandhan Bank has filed a draft red herring prospectus with Sebi for an IPO of up to 119 million equity shares, with face value of Rs 10 each.
The small and medium enterprises may soon have a credit card in their names. The Lucknow-based Small Industry Development Bank of India is mulling over the idea of having an SME credit card.
Amit Jaiswal, head of academics, MockBank.com shares expert advice with our young aspirants.
The policy aims to create around 5,000 startups, including 10 global high-growth startups, and to create a minimum of 100,000 high skilled job creation, direct and indirect, in the startup ecosystem by 2023.
Austria-based manufacturer of branded circuit boards, Austria Technologie & Systemtechnik AG (AT&S) has acquired ECAD Technologies, a Bangalore-based IT company, for a total consideration of Rs 7.5 crore (Rs 75 million), it was announced on Friday.
A vast majority of borrowers are in the essential services' supply chain with tiny and micro businesses, and this has sprung back.
While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which a Parliament panel feels only RBI can provide.
Other reputed firms like McKinsey, Boston Consultancy Group, PwC, Ernst & Young and KPMG had also applied for getting the mandate from Bandhan.
In all, 14 unions representing bank employees and officers will be supporting the day-long stir.
Such cold-shoulder by banks also indicates a credit freeze that is hard to overcome, unless the government comes out with credit guarantee schemes for loans given by banks. Since that is not happening, and there is no indication of that too, banks are not willing to listen to RBI prodding.
'India has the potential to reduce its trade deficit with China by $8.4 billion in FY21.'
The report has identified 29 instances where it appears that the loans disbursed to borrowers were in turn utilised by their group companies to repay the existing debt obligations with IL&FS Financial Services Limited.
Reserve Bank of India Governor Shaktikanta Das on Friday said the central bank will ensure adequate liquidity in the system to ease the financial stress caused by the Covid-19 pandemic. The central bank reduced the reverse repo rate -- the rate at which banks park their fund with the central bank -- by 25 basis points to 3.75 per cent.
The IL&FS management is also talking to its second-largest shareholder, Orix Corporation of Japan, to infuse more funds into the company - in case any shareholder backs out during the rights issue.
MUDRA Bank will have a corpus of Rs 20,000 crore.
The RBI panel has also recommended a government-sponsored 'fund of funds' of Rs 10,000 crore to support the venture capital and private equity firms investing in the MSME sector.
Forex dealers said besides continued demand for the American currency from importers, increased capital outflows by foreign funds kept pressure on the rupee.
The company is set to be India's first microlender to become a bank
Over 5 million alumni from the Indian Institutes of Technology, Mumbai University and Institute of Chemical Technology, Mumbai, plan to raise Rs 21,000 crore to start the world's largest infection testing lab in Mumbai.
Many state governments are ready with policies to promote entrepreneurs, backed by funding plans
Banking services across the country were hit on Wednesday by the day-long strike by 10 central trade unions and 14 bank unions, but workers of largest lender SBI and a few other banks stayed off the agitation.
After the Insolvency and Bankruptcy Code came into force, which calls for an auction of assets of loan defaulting entities, recoveries have picked up, said Jaitley.
There are about 5.7 crore small entrepreneurs.
These start-ups are different from the ones that have made it big in India.
The buyout will cost LIC about Rs 100 billion, based on the Rs 248 billion market capitalisation of IDBI Bank as on Friday, and assuming it acquires a 40 per cent equity stake from the government.
Bandhan financial Services will raise funds via internal accruals.
The Pradhan Mantri MUDRA Yojana can lend between Rs 50,000-Rs 10 lakh to small entrepreneurs.
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