The Centre would shortly launch an exclusive scheme for women entrepreneurs, a senior official in the Ministry of Micro, Small and Medium Enterprises (MSME) said. “It will be an exclusive scheme for women entrepreneurs. We have not yet finalised the contours (of the scheme). Hopefully, we will la…
Tag: Reserve Bank of India
RBI expands scope for issuing pre-paid cards beyond listed cos, relief to SMBs
In a significant move, the Centre and the Reserve Bank of India now have a solution for a pain point that factories and export houses are facing post-demonetisation. These entities can now digitally disburse money to unbanked contract workers via pre-paid cards. The Reserve Bank has expanded the …
RBI extends time before small loan accounts classified as NPA
The Reserve Bank of India (RBI) on December 28 further eased the prudential norms for classifying a loan account as non-performing asset (NPA) in respect of small borrowers. In its notification, the RBI said on reviewing its November 21 order, it has been decided to provide additional 30 days &#…
MSMEs want their own income disclosure scheme
Cash-starved Micro Small and Medium Enterprises (MSMEs) have sought a one- time “disclosure” scheme, which will allow them to declare their actual annual turnovers, with the promise that they will not be harassed for audit records of previous years. MSMEs sometimes under report their turnovers to…
It’s never been better, say fintech start-ups
Mumbai: One month of demonetisation has brought about an unprecedented surge in business volume for startups connecting customers with vendors cashlessly via a mobile wallet or simply a payment gateway. Since November 8, when the Central government demonetised Rs. 500 and Rs. 1,000 notes, Mumbai-…
Small industry under pressure to repay loans
With businesses taking a major hit since demonetisation was announced, the Micro, Small and Medium Enterprises (MSME) are now facing a new challenge — how to repay their existing loans on time and avoid having their loans be declared as Non-performing Assets (NPAs). NCR Chamber of Commerce and In…
Jobs will be safe in MSME sector, govt assures workers
Lucknow: Government sought to soothe concerns of layoff in micro, small and medium enterprises (MSMEs) that employ 80 million people against the backdrop of demonetisation, saying the decision might cause initial problems but will not impact job scenario in the sector. “There can be initial…
Currency Ban Impact | Unbanked villages, SMEs badly hit as currency crisis continues
The lopsided rural-urban spread of ATMs and bank branches has snuffed out economic activity in rural India, with micro, tiny and small enterprises finding it impossible to get cash in 100-rupee notes for their daily operations. Consider this statistic: every bank branch in a rural and semi-urban …
Currency Ban Impact | Modi’s move could adversely impact SMEs, say economists
Nearly 40% of India’s economy is driven by small- and medium-sized enterprises that largely run on cash transactions. Economists said the move could impact these businesses, and in turn have a knock-on effect on economic growth. There was concern among members of the public about changing l…
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…