The Government is keen to simplify the insolvency and bankruptcy code for partnership and proprietorship firms and evolve an efficient and low-cost code for SMEs, keeping in mind the job creation capacity of the sector. Given the increasing number of corporate loan defaulters, the Insolvency and …
Tag: Reserve Bank of India (RBI)
The long road to a high-growth future
NITI Aayog is preparing a 15-year vision and a seven-year strategy document, and has circulated a three-year action agenda. The goal of transforming India and attaining the desired level of economic and social outcomes will require higher and sustainable growth in coming years. Higher economic gr…
Looking to be a mass market bank in 5 years, says Ujjivan Small Finance Bank MD
New Delhi: Ujjivan Small Finance Bank (USFB) is aiming to become a “mass market bank” in the next five years, its Managing Director and CEO Samit Ghosh said. It also plans to — after five years — apply to the Reserve Bank of India (RBI) to become a full-fledged universal commercial bank, Ghosh sa…
Banks & fintech start-ups see more value in cooperation than in rivalry
In 2011, ICICI Bank was confronted with a unique problem. Most of the frontend staff of India’s largest private sector bank by consolidated assets were reasonably fresh, and had to be quickly trained to interact online with customers. A lot of time was wasted toggling between multiple screens to …
Big challenges before small finance banks
Ujjivan Small Finance Bank Ltd, the fifth such bank in India and the largest among the five in terms of their small loan portfolio, will make its formal debut on Monday after running a pilot programme in five of its microfinance branches in Bengaluru. Professor Muhammad Yunus, a microfinance pion…
Demonetisation cap: Daily limit hiked to Rs 10k, but weekly stays at Rs 24k
In a move that will bring relief to small traders and businessmen, the Reserve Bank of India (RBI) on January 16 allowed them to withdrawal cash from current accounts of Rs 1 lakh per week compared with just Rs 50,000 earlier. The facility will be applicable to overdraft and cash credit accounts …
Pay 50% tax on unaccounted deposits, or 85% if caught: Govt
New Delhi: Providing a window to black money holders, the government on November 28 proposed to levy a total tax, penalty and surcharge of 50 per cent on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85 per cent await those who don’t disclose but a…
Currency Switch Impact | Who gains, who loses
It has been a little under two weeks since Prime Minister Narendra Modi declared that Rs 500 and Rs 1,000 notes will no longer be legal tender. Although it is still early days, the impact of the move to squeeze 86% of India’s currency in circulation is beginning to take effect. While the sudden m…
Currency Switch Impact | RBI gives small borrowers 60 extra days to repay credit
The Reserve Bank of India (RBI) on November 21 said small borrowers, who have been facing the brunt of demonetisation, would get an additional 60 days to repay their credit, including agriculture and housing loans. Borrowers with loans up to Rs 1 crore from banks and finance companies would be el…
Small finance banks eye priority sector lending certificates to boost fee income
Mumbai: As small finance banks gear up to start operations over the next few months, they are eyeing Priority Sector Lending Certificates (PSLC) as a key business opportunity to boost their fee income. PSLC is a short-term accounting instrument used by banks to cover shortfalls in meeting priorit…