Banks concentrating on a few states has led to rising loan defaults and non-payments in the micro and SME commercial sector, a report by TransUnion Cibil said. “Focusing on a few states deprive the lenders of an opportunity to exhibit calibrated loan growth. Currently, some banks tend to ha…
Demonetisation | Steps to boost spending needed on urgent basis, waiting till budget may prove futile
Demonetisation is not just causing hardships for the common man it is also shifting the focus of the economic policy maker from the future to the near term. Finance Ministry officials are reacting almost every day to address the demonetisation challenges. In the process, they may be losing the pl…
GST will drive up compliance costs: AIMO
The All India Manufacturers’ Organisation has expressed concern that the proposed GST will drive up compliance costs and time because of involvement of multiple agencies and complicated paper work. The 75-year-old organisation with a countrywide network finds that the manufacturing units will hav…
Demonetisation Effect | Cash crunch hits cycle hub; No sales, production slashed
It’s been nearly three weeks since Rs 500 and Rs 1,000 notes were withdrawn from circulation, and the cash crunch has severely hit the supply chain of India’s Rs 7,000-crore cycle hub in Ludhiana. Ludhiana produces 1.45 crore bicycles a year, with almost 60 different parts manufactured by around …
Smriti Irani to inaugurate apparel & garment making centre in Imphal
Union Textiles Minister Smriti Irani will inaugurate an apparel and garment making centre here to be used for skill development, market linkages and management support. “The salient objectives of the project are promotion of entrepreneurship in apparel manufacturing; provision of state of t…
Paytm rolls back small business app on security concerns
Mobile wallet company Paytm has suspended its app that allowed small shopkeepers to accept payment through cards amid ongoing cash crunch, citing risks to customer data and privacy. The new feature was designed to eliminate the need for a physical point-of-sale (PoS) terminal or a card swipe mach…
Education loans firm Shiksha gets funding from Michael & Susan Dell Foundation, Aspada
Chennai-based school financing company Shiksha Financial Services India Pvt. Ltd has received about Rs 6.7 crore ($1 million) from The Michael & Susan Dell Foundation along with Aspada Investment Company, said a statement. Shiksha Finance provides loans in the range of Rs 0.5 to 10 million (…
Gujarat beckons K’taka bizmen to seek opportunities
Gujarat Minister of State for Industries, Mines & Minerals and Finance Department Rohitbhai Patel on November 25 invited businesses and startups from Karnataka to be a part of Vibrant Gujarat 2017, and seek opportunities in the Western Indian state. Addressing delegates at the Vibrant Gujarat…
Flush with funds, lenders must rethink SMEs’ credit support: Sitharaman
In an interview, Commerce Minister Nirmala Sitharaman said that even though micro, small and medium enterprises (MSMEs) are facing problems due to demonetisation, they will be the ones getting a better access to capital later as the banks are flushed with money now with high number of deposits in…
Currency Switch Impact | How India’s internet commerce industry is coping currency recall
In the two weeks since the government announced its demonetisation initiative, India’s internet commerce industry has scrambled to adjust. Internet entrepreneurs have applauded the move, ostensibly for its long-term payoffs, although online marketplaces and logistics startups have been hit hard b…