Weekly News Snippet - Edition 50
Poornatha (Business & Leadership Education Company)
Business and Leadership Education Company
Key highlights:?
MSME:?
1.???? CII, Nasscom to provide digital skilling to 1,00,000 non-IT youth in 2 years.
2.???? MSME Sahaj: Get quick digital business loans up to Rs 1 lakh in 15 mins.
Banking:?
1.????? HDFC Bank imparts skill training to 3.25 lakh youth under CSR initiative.
2.????? Union Bank of India is investing in becoming a next-generation digital bank, says ED.
3.????? Federal Bank, Bajaj Allianz Life Insurance enter into bancassurance tie-up.
Finance:?
1.????? 360 ONE appoints Raghav Iyengar as CEO designate of asset business.
2. Union Budget 2024: Finance minister may focus on job creation.
I. MSME:
1.?CII-Nasscom MoU for Digital Skilling:
The Confederation of Indian Industry (CII) and the National Association of Software and Service Companies (Nasscom) have partnered to provide digital skills training to 1,00,000 youth in non-IT sectors over the next two years. This initiative aims to equip professionals with essential digital skills and keep them updated with industry trends. 1
2.?MSMEs Budget Expectations:
State Bank of India (SBI) has launched ‘MSME Sahaj’, a digital business loan solution that offers MSMEs quick financing against their GST-registered sales invoices of up to 1 lakh in less than 15 minutes. The goal is to provide ‘on tap’ short-term working capital loans to GST-registered Micro SME firms. SBI Chairman, Dinesh Kumar Khara,stated that MSME Sahaj aims to provide faster and easier financethrough a digital, self-initiated, end-to-end process. 2
II. Banking:
1.?HDFC Bank’s CSR Initiatives:
HDFC Bank has provided skill training to about 3.25 lakh youth in high-demand sectors like IT/ITES, healthcare, and manufacturing over the past 10 years as part of its Corporate Social Responsibility (CSR) initiative. Skill development and livelihood enhancement are key focus areas of the bank's Parivartan programme. The bank is currently working on over 100 skill development projects across various sectors and states. 3
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2.?UBI Digital Transformation:
Union Bank of India (UBI) is ramping up its tech infrastructure to become a next generation digital bank as it strives to stay competitive and relevant in the digital-first era, with the bank investing Rs 1,000 crore as a first step to drive this transformation, UBI Executive Director, Nitesh Ranjan said. 4
3.?Federal Bank, Bajaj Allianz tie-up:
Federal Bank has partnered with Bajaj Allianz Life Insurance in a Bancassurance tie-up, allowing Federal Bank’s customers to access Bajaj Allianz Life Insurance products through the bank’s network. This strategic partnership aims to leveragetheir combined strengths, align with their growth plans, and enhance insurance penetration and market expansion. 5
III. Finance:
1.?Leadership Change:
360 ONE has announced the appointment of Raghav Iyengar as CEO designate of its Asset Management Business (360 ONE Asset), subject to necessary approvals. Raghav comes with rich experience of over three decades in the Financial services sector. Prior to joining 360 ONE Asset, he served as the President and Chief Business Officer at Axis Asset Management. 6
2.?Union Budget 2024:
The Government aims to maintain a fiscal deficit target of 5.1% of GDP, emphasizing fiscal prudence and sustainable economic growth, according to a Morgan Stanley Research Report. Key themes in the upcoming budget are expected to include job creation through capital expenditure, targeted social sector spending, and the 'Viksit Bharat' plan. 7
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