Weekly News Snippet - Edition 47
Poornatha (Business & Leadership Education Company)
Business and Leadership Education Company
Key highlights:?
MSME:?
1.????? FM chairs fifth pre-budget consultation with MSME representatives.
2.????? Kotak Mahindra Bank bets big on MSME loan uptick.
Banking:?
1.????? PM Modi lauds contribution of public sector banks.
2.????? SBI plans to open 400 branches in FY25: Chairman, Dinesh Khara.
Finance:?
1.????? FSIB shortlists five CGMs for ED positions.
2.????? India's GDP to grow at 8% in 2024, says CII President, Sanjiv Puri.
I. MSME:
MSME Budget Consultation:
Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, chaired the fifth Pre-Budget Consultation in New Delhi. The session focused on gathering vital inputs from representatives of the Micro, Small, and Medium Enterprises (MSME) sector for the forthcoming General Budget 2024-25. Sandeep Jain, representing the Federation of Indian Small and Medium Enterprises (FISME), emphasized the necessity for comprehensive digitization of the funding process. 1
Focus on MSME:
Kotak Mahindra Bank is betting big on the Micro, Small and Medium Enterprises (MSME) segment, and sees fresh demand for working capital and term loans in the second half of the current fiscal year, as rural uplift takes priority in the third innings of Prime Minister, Narendra Modi. “As consumption demand picks up it will aid working capital and term loan demand in the MSME space," said Manish Kothari, president and head-commercial banking at Kotak Mahindra Bank. 2
PM Praises PSU Banks:
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Prime Minister of India, Shri Narendra Modi has lauded the performance of the country's public sector banks in a thread post on social media platform X by MyGovIndia. He has highlighted the contribution made by PSU banks to transforming the banking sector. The Prime Minister wrote: "Insightful data on how there has been a transformation in the banking sector and how PSU banks are powering it”. 3
?SBI Branch Expansion:
As part of the network expansion plan, State Bank of India (SBI) is planning to open 400 branches across the country in the current financial year. The country's biggest lender opened 137 branches last fiscal. Of the total, 59 new rural branches were launched. "Somebody asked me if 89 per cent of digital and 98 per cent transactions were happening outside the branch, whether the branch is required anymore. My answer is yes. It is still required because there are newer areas which are emerging," SBI Chairman, Dinesh Kumar Khara told Press Trust of India (PTI) in an interview.4
III. Finance:
FSIB ED Shortlist:
The Financial Services Institutions Bureau (FSIB) has shortlisted five Chief General Managers (CGMs) to take over as Executive Directors (EDs) in Public Sector Banks whenever vacancies arise. These CGMs are Beena Vaheed from Union Bank of India, Rajeeva and Amit Kumar Srivastava from Punjab National Bank (PNB) and S K Majumdar and D Surendran from Canara Bank. These five were selected after the FSIB interviewed 57 candidates from various public sector banks between June 13 to 17, 2024. 5? ?
Growth Forecast by CII President:
The Confederation of Indian Industry (CII) has estimated India's GDP to record a robust 8 percent growth in FY25, the newly elected CII President, Sanjiv Puri said while showing optimism about India's economic growth. "The growth rate is poised to touch 8 per cent during the current year marking the fourth consecutive year of above 7 percent plus growth. While the growth estimate is above consensus, the experience of previous years is that India has outperformed initial estimates by a wide margin," he said. 6
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