Page 5 - Msme

Govt to release incentive arrears worth Rs 56,027 crore to exporters

Clearing their dues has been a long-standing demand of exporters

Flipkart launches programme to find D2C brands and enable funding for them

The D2C (direct to consumer) sector in India is currently worth $44.6 billion (end of FY 2021) and is expected to be worth $100 billion by 2025.

HDFC Bank signs pact with NSIC to provide credit support to MSMEs

HDFC Bank on Tuesday said it has signed a pact with the National Small Industries Corporation (NSIC) for providing credit support to the micro, small and medium enterprise (MSME) sector. Under this, the country's largest private sector bank will also provide MSMEs with a set of specially-tailored schemes to enhance their competitiveness. "HDFC Bank has signed a memorandum of understanding with National Small Industries Corporation to offer credit support to MSMEs across the country," the bank said in a statement. The bank branches will extend support to the MSME projects in the areas they are located and to other important industrial sectors across the country. Rahul Shukla, group head (commercial and rural banking) of HDFC Bank, said the partnership will help reboot the economy and give it a required fillip. "We believe this partnership with NSIC will help expedite the MSME sector growth, which is the backbone of the country both in terms of economic development and job creation,

Rahul slams Centre, says farmers, MSMEs, salaried class being demonetised

Gandhi on Wednesday alleged that the Central government has "demonetised" farmers, labourers, small and medium businesses, salaried class, and honest industrialists

India-focused offshore funds, ETFs see $1.5 bn outflows in June quarter

This was the thirteenth consecutive quarter of net outflows for the category

From zero to Rs 11,400 cr: How Murthy's retail business got a 'scrap' boost

As Bezos and Narayana Murthy end their joint venture, their prolific growth cannot be discounted

HDFC Bank to hire 500 more employees this fiscal to expand MSME coverage

Country's largest private sector lender HDFC Bank, which has a focus on the MSME sector, is hiring 500 more relationship managers this fiscal as the bank is expanding its coverage to 575 districts, a senior banker has said. The headcount addition will take the Micro, Small and Medium Enterprises (MSME) vertical strength to 2,500. As of June end, its employee strength stood around 1.23 lakh. The bank's MSME vertical covers 545 districts now with dedicated relationship managers and supervisors, which will be expanded to 575 districts or more by the end of this fiscal. "As we are expanding our MSME footprint to 575 districts from 545 now, we are hiring over 500 more to the 2,000-strong headcount at the MSME vertical this fiscal year. This should take the overall headcount at the vertical to a little over 2,500," Sumant Rampal, senior executive vice-president for business banking & healthcare finance, told PTI on Monday. After reclassification and the resultant tagging of wholesaler ..

Small business suffer as banks shut current accounts after RBI circular

State-owned lenders welcome 'need for discipline' but their private competitors say business is suffering

Around 10.9 million MSME borrowers gets guarantee support under ECLGS

Around 10.9 million MSME borrowers have been provided with guarantee support amounting to Rs 1.65 trillion as of July 2 this year under the ECLGS

Gadkari emphasises on all-round efforts for Aatmanirbhar Bharat initiatives

Minister for MSME and Road Transport and Highways Nitin Gadkari has emphasized that all-round efforts are required for implementation of various initiatives undertaken as part of Aatmanirbhar Bharat

The credit push

Relief package is well-intentioned but won't move the needle much

Bank of Maharashtra tops PSU bank chart in MSME loan growth in FY21

State-owned Bank of Maharashtra (BoM) has become top performer among public sector lenders in terms of retail and MSME loan growth during 2020-21. The Pune-based lender recorded a 35 per cent growth in MSME loans at Rs 23,133 crore in 2020-21, according to the BoM data. It was followed by the Chennai-based Indian Bank which posted a 15.22 per cent growth in loan disbursal to MSMEs with aggregate loans at Rs 70,180 crore at the end of March 2021. When it came to loans to retail, BoM with nearly 25.61 per cent growth was ahead of even the country's largest lender State Bank of India, which recorded 16.47 per cent rise. However, in absolute terms SBI's asset base to retail segment was a whopping 30 times higher at Rs 8.70 lakh crore as against Rs 28,651 crore of BoM. Bank of Baroda increased its retail loan portfolio by 14.35 per cent to Rs 1.20 lakh crore during the last fiscal year, the data showed. For the full year 2020-21, BoM's standalone net profit jumped nearly 42 per cent

FIDC urges govt to address issues of MSME borrowers and NBFCs

The Finance Industry Development Council (FIDC) has urged the Ministry of Micro, Small & Medium Enterprises (MSME) to address issues faced by MSME borrowers and the NBFCs catering to these enterprises.

RBI has given us 120 days to operationalise SFB: Centrum's Jaspal Bindra

In an exclusive interview with Business Standard, Jaspal Bindra, executive chairman of Centrum group said it has committed Rs 1,800 cr capital to the SFB, Rs 900 cr of which will come in first year

SME will be fastest-growing segment over next 3-5 years: HDFC Bank CEO

On the client side, the bank is largely comfortable as 85 per cent of retail customers work with companies rated and above , where job losses have been low

Second wave impact: Auto debit payment bounce rate increases further in May

The unsuccessful auto-debit requests through the NACH platform are generally referred to as bounce rates

MSME engineering exporters seek PM's intervention on rising steel prices

Exporters in the MSME segment have sought PM Narendra Modi's intervention on rising steel prices, stating that the industry needs inputs at affordable rates for global markets.

Nitin Gadkari calls for increasing MSMEs share in GDP to 40% from 30%

Union minister Nitin Gadkari on Saturday stressed on increasing the share of the MSME sector in the country's GDP to 40 per cent from 30 per cent currently.

RBI's status quo policy may revolve around Covid-19 pandemic measures

RBI's forecast for growth is 10.5% for the current fiscal year. Most analysts expect the RBI to lower it in the June 4 monetary policy announcement

Covid second wave: MSMEs need help again but not the way govt did last time

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