Weekly news Snippet - Edition 26

I. MSME:

1.?Loan for Commercial EVs:

SIDBI, the principal financial institution for MSMEs in the country, and the UK-headquartered Shell Foundation, on 05th Oct, announced their partnership to launch Risk Sharing Facility (RSF) to support India’s EV Mission 30@30 through SIDBI’s mission of enabling ecosystem to foster 50,000 EVs. EV Mission 30@30 aims for 30 per cent EV penetration by 2030 in India.1

2.?Government e-Marketplace:

GeM partners with Indian Steel Association (ISA) for its members to sell goods directly to government. This partnership intends to bring all ISA members onto the GeM platform as sellers, promoting a diverse business environment regardless of their size.2

3.?Digital lending:

Digital lending platforms such as LendingKart, Indifi and NeoGrowth, which primarily lend to MSMEs, are expecting a surge in credit demand among MSMEs for the upcoming festival season, notwithstanding inflationary pressures.3

II. Banking:

1.?Tenure Extension:

The government has extended SBI’s Chairman, Dinesh Kumar Khara's tenure till August next year while offering a two-year extension to the bank's Managing Director, Ashwini Kumar Tewari.4

2.?Empower financial inclusion:

The SBI on 04th Oct launched 'Mobile Handheld Device' to provide banking services to its financial inclusive customers. The move is aimed at enhancing accessibility, convenience in availing banking services and to empower financial inclusion and extend essential banking services to the masses.5

III. Finance:?

1.?Raise in capital:

Bajaj Finance, India’s biggest NBFC by market capitalization, plans to raise as much as Rs. 10,000 crores in a restricted share sale as it shores up its capital position amid the entry of Reliance Industries’ Jio Financial into retail lending.6

2.?Repo rate unchanged:

The Reserve Bank of India's Monetary Policy Committee on 06th Oct announced its decision to continue the repo rate hike pause at 6.5% for the fourth time in a row. Announcing the MPC's decision, RBI governor Shaktikanta Das said that the decision was unanimous.7

Bibliography

1.?thehindubusinessline.com/money-and-banking/sidbi-shell-foundation-launch-6-million-facility-to-extend-finance-to-electric-2-and-3-wheelers/article67383446.ece

2.financialexpress.com/business/sme-gem-partners-with-indian-steel-association-for-its-members-to-sell-goods-directly-to-govt-3263602/

3.?financialexpress.com/business/sme-online-lending-startups-gear-up-for-festive-credit-demand-3264296/

4.?thehindubusinessline.com/money-and-banking/centre-extends-sbi-chairman-dinesh-kharas-tenure-till-august-2024/article67384056.ece

5.?economictimes.indiatimes.com/industry/banking/finance/banking/india-extends-tenure-of-sbi-chairman-until-august-2024-sources/articleshow/104183936.cms?from=mdr

6.?economictimes.indiatimes.com/industry/banking/finance/bajaj-finance-plans-rs-10000-crore-fundraise-as-jio-takes-guard/articleshow/104196164.cms

7.?business-standard.com/finance/news/rbi-policy-meeting-mpc-continues-with-pause-on-repo-rate-hike-for-4th-time-123100600203_1.html