Weekly news Snippet - Edition 6
Poornatha (Business & Leadership Education Company)
Business and Leadership Education Company
I.?MSME:?
India aims to be 3rd largest economy by 2030:
India on path to become third largest economy, says MSME minister Narayan Rane. “From 10 largest in 2014, India today is 5th largest economy. Only Japan and Germany are ahead of us. We will become the 3rd largest by 2030 as envisioned by our prime minister,” he said addressing around 200 delegates from across the globe at the event.(1)
Public Sector Banks to keep growing their MSME loan books:
Large and mid-sized Public Sector Banks are expected to continue growing their Micro, Small and Medium Enterprises (MSME) loan book in the current financial year, even though these loans account for the highest sectoral Non-Performing Assets (NPAs) for them.(2)
II.?Banking:
Indian Bank net profits up:
Indian Bank on 8th May 2023 reported a 47% growth in net profit at ??Rs. 1,447 crores in the quarter ended March 31 2023, over Rs. 984 crore in the corresponding quarter last year (FY22). The increase was on account of including growth in net income, improvement in recovery and decline in Gross Net Performing Assets (GNPA).(3)
Launch of Electronic bank guarantee:?
Bank of Baroda on 10th May announced the launch of electronic Bank Guarantee (e-BG) on its BarodaINSTA platform, in partnership with National e-governance Services Limited (NeSL). NeSL is India's first and only Information Utility (IU is designed as a two-way communication tool between creditors and debtors for submission and authentication with recording of disputes) and is regulated by the Insolvency and Bankruptcy Board of India (IBBI) under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC).(4)
III. Finance:
PMJJBY aids 664k families:
Finance minister Nirmala Sitharaman said on 9th May that the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) has provided crucial support to around 664,000 families, who have received Rs. 13,290 crores against their claims. Sitharaman noted that these schemes aim to provide essential financial services to individuals from underprivileged backgrounds, thereby reducing their financial vulnerability. (5)
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IV. NBFC:
Jupiter to hire NBFC CEO:
Neo-bank, Jupiter will appoint a Chief Executive Officer for its Non-Banking Financial Company (NBFC) operations in the next three months, says Founder and Chief Executive Officer Jitendra Gupta. “We are trying to bring a professional chief executive officer (for the NBFC business). We are already at an advanced stage of making an offer,” Gupta said.(6)
Profectus Capital:
Non-Banking Financial Company Profectus Capital on 10th May announced that it has received the Certificate of Registration (CoR) under the Factoring Regulations Act, 2011 from the Reserve Bank of India to provide factoring services to MSMEs. It plans to offer timely and efficient factoring services to improve their working capital management, boost their businesses, and receive short-term finance to fund operations.(7)
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