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Ahead of the Union Budget, Rohit Arora, CEO and Co-Founder of Biz2X, has suggested the government needs to come out with a specialised SME digital bank to cater to the funding needs of small businesses. Finance Minister Nirmala Sitharaman will present the last full Budget before the 2024 general elections in the Lok Sabha on February 1, wherein she is expected to announce slew of measures to boost economic growth. Arora said that small and medium businesses perennially face credit shortage and it is time that the government should come out with a specialised bank to cater their requirements. "SME digital bank can provide a bouquet of services to MSMEs, such as business CASA accounts for transaction banking, invoice and payments processing, correspondent banking, SME credit and trade finance, and other business financial services," he said. Biz2X is a turnkey global SaaS platform that enables financial institutions to provide a customised online lending experience for their small an
India Inc on Thursday pitched for continuation of reforms while ensuring tax and policy stability in the forthcoming Budget to prop up the economy hit hard by the COVID-19 pandemic. In the virtual pre-budget consultation held with Finance Minister Nirmala Sitharaman, industry chambers said that government measures will help firmly entrench the nascent signs of recovery being currently seen in private investment. Capital expenditure by the government through enhanced infrastructure spending should in the meantime continue to support growth, CII president TV Narendran said. "Infrastructure sector with a multiplier impact on rest of the economy requires interventions especially to improve and diversify sources of financing. In this context, it is suggested that government should consider developing the municipal bond market so that urban local bodies can raise funds for investing in infrastructure," he said. Meanwhile, Assocham suggested extending a scheme the 'Vivad Se Vishwas' for .