Union Minister of State (Independent Charge) for Commerce and Industry, Nirmala Sitharaman, has said that the government is in a dilemma over the issue of imposing restrictions on cheaper imports, since a section of the Small and Medium Enterprises (SMEs) are achieving global competency by using …
Tag: RBI
RBI issues operational guidelines for Payment, Small Finance Banks
RBI came out with operating guidelines for differentiated banks — payments banks and small finance banks — being set up to bring in new players who would leverage on technology for financial inclusion in a cost effective manner. RBI granted in-principle approvals to 11 entities for setting up pay…
RBI cuts repo rate by 25 bps to 6.25%
The Reserve Bank of India on October 4, cut policy rate (repo rate) by 25 basis points to 6.25% from 6.5% citing easing inflation. In its first meeting, the Monetary Policy Committee (MPC) on October 4 all members of policy decided for 25 basis point rate cut. This was the fourth bi-monthly monet…
MSMEs can approach facilitation council for delayed payment
To expedite payments of vendors stuck with state-run enterprises, the Micro, Small and Medium Enterprises Ministry has told suppliers to approach its Facilitation Council to get their grievances redressed. “MSME unit can approach Micro and Small Enterprise Facilitation Council (MSEFC) in th…
Enhance credit absorption capacity of weaker sections, RBI tells financial intermediaries
The Reserve Bank of India wants financial intermediaries such as banks and non-banking finance companies to focus on a ‘3x3x3’ matrix so that small and marginal farmers, micro and small enterprises (MSEs), and low-income earners in the unorganised sector are financially included. Speaking at a BR…
Andhra Pradesh tops in attracting industrial investments
Andhra Pradesh has emerged on the top among all other states in attracting industrial investments in 2015-16, pushing the previous year’s topper Maharashtra to the third spot. Andhra Pradesh attracted an investment of Rs 21,914 crore out of the Rs 1,38,700 crore gross investments across Ind…
RBI for review of SME rating
The Reserve Bank has asked the Indian Banks’ Association (IBA) to review the existing criteria for rating of loans to Micro, Small and Medium Enterprises (MSMEs), which are blamed for slower credit off-take to the sector. Sources said this came after India’s largest public lender State Bank of In…
Microfinance industry clocked 60% growth in FY16
Country’s Microfinance industry pegged at Rs 63,853 crore in 2015-16, is posting a growth of 60 per cent year-on-year, said a report. The high growth rate continues, despite Bandhan, which was the largest MFI, becoming a bank, Sa-Dhan’s Bharat Microfinance Report-2016 said. “While as of March 201…
India’s growth is in its small businesses: Nandan Nilekani
One of the founders of iconic IT company Infosys and the brain behind Aadhaar, Nandan Nilekani wears several hats these days — that of a philanthropist, angel for start-ups and an evangelist for re-imagining India. In an interview, Nilekani shared his views on a variety of issues concerning the c…
Banks unaware of SME issues, says Nirmala Sitharaman
After pitching for a two per cent cut in RBI’s interest rate, Commerce Minister Nirmala Sitharaman has said banks have not sufficiently understood the problems faced by Small and Medium Enterprises (SMEs), especially those related to high credit costs. Responding to Twitterati on the issue,…