Weekly News Snippet - Edition 51
Poornatha (Business & Leadership Education Company)
Business and Leadership Education Company
Key highlights:?
MSME:?
1.???? Supporting rural entrepreneurs is government’s priority, says MSME Minister, Manjhi.
2.???? Union Budget: MSME sector for doubling loan limit under MUDRA to Rs 20 lakh.
Banking:?
1.????? HDFC Bank reports CSR spend of ?945 crore in FY24.
2.????? Bank of Baroda unveils AI-powered virtual assistant and new payment app on Foundation Day.
3.????? Kotak Mahindra Bank increases customer base, customer assets by 20% YoY.
Finance:?
1.????? India's net direct tax collection jumps 19.54% this fiscal year till July 11.
2.????? Mutual fund AUM to surpass Rs 100 lakh crore mark in 2-3 years: ICRA.
I. MSME:
1.???? MSME Minister’s Assurance:
Supporting entrepreneurs in the rural parts of the country is a priority for the government as it would boost the holistic development of the MSME sector. “People carving a niche for themselves in the MSME category should be encouraged, and the government assures them that it would do its best to support entrepreneurs in every way possible,” said Union Minister for Micro, Small and Medium Enterprises (MSMEs), Shri. Jitan Ram Manjhi. 1
2.???? MSME Loan Expansion:
The Finance Ministry in the forthcoming Union Budget needs to double the loan limit to Rs.20 lakh under the MUDRA Yojana and expand the credit guarantee cover for unsecured loans for MSMEs from Rs 2 crore to Rs 5 crore. MSMEs also want incentives from the government to help them sell products globally. 2
II. Banking:
1.???? HDFC Bank’s CSR Initiatives:
HDFC Bank spent ?945.31 crore on CSR (Corporate Social Responsibility) initiatives in FY24, ?125 crore more than the previous year. The initiatives are housed under 'Parivartan'. “From promoting financial literacy and supporting entrepreneurship to championing environmental conservation and advancing social inclusion, our CSR efforts are guided by a steadfast commitment to creating lasting change in the communities we serve,” the bank said. 3
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2.???? BoB’s Digital Initiatives:
Bank of Baroda announced the launch of several Digital Initiatives on the bank's Foundation Day, including a GenAI-powered Virtual Relationship Manager and a new app for payments. This AI-powered VRM is designed to enhance digital customer service by providing real-time information on the bank's wide range of products and services. 4
3.???? Kotak Mahindra’s Q1 Performance:
Kotak Mahindra Bank'sfirst-quarter FY25 financial report shows a remarkable performance, with a PAT (Profit After Tax) of Rs 6,250 crore, an 81% increase YoY, largely due to divesting its stake in Kotak General Insurance. Excluding this gain, PAT stands at Rs 3,520 crore. Customer base, assets, and deposits all showed significant growth, with improved asset quality. 5
III. Finance:
1.???? Growth in Net Direct Tax:
India's Net Direct Tax collection recorded a significant growth of 19.54 per cent in FY25, amounting to Rs 5.74 lakh crore as of July 11, according to the data released by the Income Tax Department. The net direct tax collection stood at Rs 4.80 lakh crore in FY24 during the same period, marking a growth direct tax collections in the past one year. 6
2.???? Mutual Fund Growth:
The Indian Mutual Fund industry, which has witnessed over five-fold growth in Assets Under Management (AUM) in the last ten years, is well on track to surpass the Rs 100 lakh crore AUM mark in the next two-to-three years, according to ICRA (Investment Information and Credit Rating Agency) Analytics. 7
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