Weekly news Snippet - Edition 40
Poornatha (Business & Leadership Education Company)
Business and Leadership Education Company
I. MSME:
1.?Partnership and Agreement:
Karnataka Bank and Non-Banking Finance Company (NBFC) Clix Capital on 16th Jan signed up for a strategic digital co-lending partnership through the platform Yubi Co. Lend. The partnership is focused on providing loans to the Indian MSME sector which is one of the biggest contributors to India's GDP and employment growth. The agreement is in line with the Reserve Bank of India's guidelines on co-lending by banks and NBFCs to priority sectors.1
2.?Amends in MSME Promotion Policy:
The Uttar Pradesh state cabinet on 18th Jan allowed amendment to be made in the MSME Promotion Policy- 2022 under which conversion fee for change of land use would be waived in certain cases. The waiver will apply to conversion of land use from agriculture to industrial for the purpose of setting up an MSME unit or private MSME Park on land under a Development Authority.2
3.?MSMEs in Tamil Nadu:
Tamil Nadu Chief minister, M K Stalin, on 17th Jan appreciated the state MSME department of Tamil Nadu for being adjudged among best performers in startup rankings released by the Union government on 16th Jan. "Tamil Nadu has 7,600 startups. In 2022 alone, 2,250 startups were registered. This is evidence of our giant leap," the chief minister said. 3
II. Banking:
1.?RBI curbs unhealthy growth:
India’s recent clampdown on unsecured loans is the right move to curtail “unhealthy growth” in borrowing by individuals, according to SBI chairman, Mr. Dinesh Kumar Khara. Strong expansion of retail loans, at an annual rate of about 30%, was a “sign of heating up,” State Bank of India’s Dinesh Khara said in a Bloomberg Television interview at Davos on 16th Feb.4
2.?Change in leadership:
The Reserve bank of India on 16th Jan approved the appointment of Praveen Achuthan Kutty as the managing director and chief executive officer of DCB bank. The appointment is for a period of three years with effect from April 29, 2024 , the bank said in a regulatory filing.5
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III. Finance:
1.?Additional Tier 1 bonds:
The State Bank of India has raised Rs. 5,000 crores in capital through Basel III compliant Additional Tier 1 (AT1) bonds at a coupon rate of 8.34% amid tight market conditions. This was the bank’s second AT1 bond offering in the current financial year. Earlier, it raised Rs. 3,101 crores via AT1 bonds in July at a coupon of 8.10%.6
2.?Monetary Policy of India (MPI):
Monetary policy in India must remain actively disinflationary despite the recent sharp fall in core inflation, Reserve Bank of India Governor Shaktikanta Das said at the World Economic Forum in Davos. "When inflation is still above 5.5%, rather close to 6%, our monetary policy has to remain actively disinflationary and it would be too premature to talk in terms of a pivot in our monetary policy," Das said in an interview with Reuters.7
Bibliography:
7. cnbctv18.com/economy/india-monetary-policy-has-to-remain-actively-disinflationary-says-rbi-chief-18831291.htm