Weekly News Snippet - Edition 68

Key highlights:??

MSME:??

1. Govt to soon launch new credit guarantee scheme for MSME sector up to Rs 100 cr.? ?

Banking:??

1. UCO Bank focusing on South India, Maharashtra and Gujarat to expand footprint.?
2. Bank of Baroda launches enhanced wellness programme for its employees.?
3. Baldev Prakash appointed as DMD & Group CRO of SBI.?

Finance:??

1. HDFC Bank secures RBI nod to acquire 9.5% stake in AU Small Finance Bank.?
2. RBI’s innovation arm, IIMA Ventures, launch startup programme for women’s financial inclusion.? ?

I. MSME:?

MSME Credit Boost:?Financial Services Secretary, Mr. M Nagaraju, said the government would soon launch a new credit guarantee scheme for the MSME sector covering loans up to Rs 100 crore. As the country surges ahead, he said, there is need to focus on four things, quality, linkages for exports, capacity building, and support to achieve the vision of Vikshit Bharat. 1??

II. Banking:?

UCO Bank Expands Nationally:?UCO Bank is focusing on South India, Maharashtra and Gujarat to expand its footprint nationally. The bank has rolled out 40 branches across regions. “These new branches have been opened in Tamil Nadu, Karnataka, Telangana, Kerala, Gujarat, Maharashtra, West Bengal and Uttar Pradesh”- UCO Bank’s Managing Director and Chief Executive Office, Mr. Ashwani Kumar told. 2 ?

BoB’s Employee Assistance Program:?Bank of Baroda has partnered with Truworth Wellness to extend an enhanced wellness program for its 75,000+ employees and their families. The "Employee Assistance Program" (EAP) focuses on emotional, mental, and psychological well-being and offers confidential counseling with experts, covering issues like anxiety and stress.3?

Leadership Change:?State bank of India announced the appointment of Mr. Baldev Prakash, as the new Deputy Managing Director (DMD) and Group Chief Risk Officer (CRO). He served a tenure of 3 years as the MD and CEO of J&K Bank. Before his tenure at J&K bank, he joined SBI as a probationary officer in 1991 and then served them for over 30 years in various banking roles at different small and large branches. 4?

III. Finance:?

Stake Acquisition:?HDFC Bank and its group entities has received Reserve Bank of India's nod to acquire up to 9.5% stake in AU Small Finance Bank. The acquisition, granted in January 2025, subject to regulatory compliance, must be completed within one year, or the approval will be revoked.?5?

RBIH-IIMA Partnership:?Reserve Bank Innovation Hub (RBIH) has partnered with IIM Ahmedabad’s startup incubator, IIMA Ventures to launch the latest cohort of its Swanari TechSprint 3.0 programme to boost fintech startups for creating solutions that advance women’s financial inclusion in India. 6?

Bibliography:?

1. https://www.financialexpress.com/business/sme-govt-to-soon-launch-new-credit-guarantee-scheme-for-msme-sector-up-to-rs-100-cr-3711373/?
2. https://www.thehindubusinessline.com/money-and-banking/uco-bank-focussing-on-south-india-maharashtra-and-gujarat-to-expand-footprint/article69077189.ece?
3. https://bfsi.economictimes.indiatimes.com/news/banking/bank-of-baroda-launches-enhanced-wellness-programme-for-its-employees/117048817?utm_source=Mailer&utm_medium=newsletter&utm_campaign=etbfsi_news_2025-01-09&dt=2025-01-09&em=YXJ1bkBwb29ybmF0aGEuY29t?
4. https://bfsi.economictimes.indiatimes.com/news/banking/former-md-ceo-of-jk-bank-baldev-prakash-appointed-as-dmd-group-cro-for-sbi/117049642?utm_source=Mailer&utm_medium=newsletter&utm_campaign=etbfsi_news_2025-01-09&dt=2025-01-09&em=YXJ1bkBwb29ybmF0aGEuY29t?
5. https://www.financialexpress.com/business/banking-finance-hdfc-bank-secures-rbi-nod-to-acquire-9-5-stake-in-au-small-finance-bank-3707161/?
6. https://www.financialexpress.com/business/sme-rbis-innovation-arm-iima-ventures-launch-startup-programme-for-womens-financial-inclusion-3710836/?