Weekly news Snippet - Edition 29

I. MSME:

The government’s online registration platform, Udyam for MSMEs has crossed the 3 crore registration mark in just three years and four months of its launch. It is the only platform by the MSME Ministry authorized for registering micro, small and medium enterprises with up to Rs 250 crore turnover. Cumulatively, these enterprises employed over 14.87 crore people, including 3.37 crore women employees.1

On Friday, Tally solutions, the business management software company, announced the launch of its subsidiary Tally Account Aggregator Services with its product TallyEdge. The new product will work in conjunction with banks and NBFCs or Financial Information Users (FIUs) and help with consent-based data sharing for MSMEs. 2

The panel discussion on 'Empowering SMEs: Strategies for Boosting Exports and Navigating Global Trade Challenges', featuring industry experts Dr. H.P. Kumar and K Rama Devi, discussed strategies for boosting exports and overcoming global trade challenges, including the role of support platforms like Power2SME, women-led businesses, gender mainstreaming, and diversity and inclusion in India's export landscape.3

II. Banking:

The Reserve Bank of India directed banks to strengthen their senior management by hiring at least one whole-time director besides the managing director on the board. The regulator has set a four-month deadline for submitting proposals for such appointments.4

Kotak Mahindra Bank announced that Ashok Vaswani, a former Barclays Bank and ex-Citigroup Executive, will be its new Managing Director and CEO. (5)

Axis Bank, on 26th October announced that Munish Sharda, a seasoned banking professional, has been approved as a Bank’s whole-time Director.? Sharda’s tenure extends for a period of three years, effective from November 1, 2023, or the date of approval by the RBI.6

III. Finance:?

Muthoot Finance sold a gold loan portfolio of Rs 725 crore to Asset Reconstruction Company of India (Arcil). This is the first time a gold loan portfolio is being sold by a lender to an asset reconstruction company.7

The Hinduja group sees its Banking, Financial Services and Insurance (BFSI) business reach a valuation of $35 billion to $40 billion by 2030. The Hinduja’s have outlined elaborate plans for expansion in the financial services space. The group is also in the process of acquiring asset management and wealth management businesses to complete its para banking suite. 8

Bibliography:

1.??????? https://www.financialexpress.com/business/sme-msme-registration-platform-udyam-crosses-3-crore-registration-mark-check-details-3288695/

2.??????? https://www.financialexpress.com/business/sme-tally-solutions-launches-account-aggregator-services-to-facilitate-bank-credit-to-msmes-3288249/

3.??????? https://economictimes.indiatimes.com/small-biz/sme-sector/empowering-smes-strategies-for-boosting-exports-and-navigating-global-trade-challenges/videoshow/104643075.cms

4.??????? https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-directs-banks-to-appoint-whole-time-directors/articleshow/104704584.cms

5.??????? https://www.forbes.com/sites/gloriaharaito/2023/10/22/indias-kotak-mahindra-bank-taps-outsider-as-new-ceo-to-replace-its-billionaire-founder-uday-kotak/?sh=74089303848d

6.??????? https://bnn.network/politics/axis-bank-approves-appointment-of-munish-sharda-as-executive-director/

7.??????? https://economictimes.indiatimes.com/industry/banking/finance/muthoot-finance-sells-rs-725-crore-distressed-gold-loan-portfolio-to-arcil/articleshow/104707706.cms

8.??????? https://economictimes.indiatimes.com/industry/banking/finance/hindujas-eye-35-40-billion-valuation-of-their-bfsi-business/articleshow/104701252.cms