Weekly News Snippet - Edition 53

Key highlights:??

MSME:??

1. Public procurement from MSMEs up by nearly 100%.?
2. Adopt supportive, empathetic approach towards MSMEs: RBI Deputy Governor to lenders.?

Banking:??

1. RBI approves former SBI DMD Salee Nair as TMB CEO.?
2. Bandhan Bank introduces new savings product 'Avni' exclusively for women.?

Finance:??

1. FM tells officers to effectively implement GST, keep positive attitude.?
2. India's forex reserves jump by $4.54 bn to $674.66 bn as of August 16.? ?

I. MSME:?

FY24 MSME Procurement Surge:?

In FY24, Public procurement from Micro, Small & Medium Enterprises (MSMEs) almost doubled, reaching Rs 75,742 crore, up from Rs 38,432 crore in FY23. This increase involved 133 Central Public Sector Enterprises (CPSEs) and one department. Total procurement by CPSEs and departments totaled Rs 2,13,685 crore, according to its latest annual report. 1? ?

RBI Urges MSME Support:?

In a speech at the Annual Day of the Foreign Exchange Dealers Association of India (FEDAI), The Deputy Governor of Reserve Bank of India, Swaminathan J, has asked financial institutions to adopt a more sensitive and empathetic approach towards MSMEs, and deploy supportive measures like restructuring options for loans, to support the sector which plays a key role in the economy. 2?

II. Banking:?

Leadership Change:?

RBI approved the appointment of former SBI Deputy Managing Director, Salee Sukumaran Nair as Chief Executive Officer of TamilNad Mercantile Bank for a three-year term. He takes over from S Krishnan who had resigned in September 2023. 3?

Bandhan Bank's Avni Launch:?

Bandhan Bank has introduced 'Avni', a savings product specifically for Women, aiming to increase current and savings account deposits. Targeted at affluent women, it offers benefits like free airport lounge access and personal insurance. A loyalty program has also been launched. 4? ?

III. Finance:?

FM Urges Positive GST Reform:?

The Finance Minister of India, Smt. Nirmala Sitaraman said, "GST offices are being made convenient since 2019. This will help taxpayers to easily get their problems resolved." Calling for a "Positive atmosphere" between the officer and taxpayers, the FM said, "Officers should keep their attitude positive towards the taxpayer so that there is no need to take harsh steps". 5?

?India's Forex Reserves Surge:?

India's forex reserves jumped by USD 4.546 billion to USD 674.664 billion during the week ended August 16, the Reserve Bank of India (RBI) said. In the previous week, the forex kitty had dropped by USD 4.8 billion to USD 670.119 billion. On August 2, the overall reserves hit an all-time high of USD 674.919 billion. 6?

Bibliography:?

1. https://economictimes.indiatimes.com/small-biz/sme-sector/public-procurement-up-by-nearly-100-and-digital-transaction-worth-rs-84000-crore-by-msme-ministry/articleshow/112632548.cms?
2. https://www.business-standard.com/finance/news/adopt-supportive-empathetic-approach-towards-msmes-rbi-dy-guv-to-lenders-124082200545_1.html?
3. https://economictimes.indiatimes.com/industry/banking/finance/banking/bandhan-bank-introduces-new-savings-product-avni-exclusively-for-women/articleshow/112715514.cms?
4. https://economictimes.indiatimes.com/industry/banking/finance/banking/bandhan-bank-introduces-new-savings-product-avni-exclusively-for-women/articleshow/112715514.cms?
5. https://www.business-standard.com/finance/news/fm-tells-officers-to-effectively-implement-gst-keep-positive-attitude-124082300949_1.html
6. https://www.business-standard.com/finance/news/india-s-forex-reserves-jump-by-4-54-bn-to-674-66-bn-as-of-august-16-124082300856_1.html??

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