Finance Minister to meet CEOs of PSBs to review progress of schemes for SCs
Finance Minister Nirmala Sitharaman is scheduled to meet heads of public sector banks and financial institutions later this month to review progress of various government schemes aimed at welfare and upliftment of scheduled castes. Schemes like Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY), and Credit Enhancement Guarantee Scheme for Scheduled Castes (SCs) and their progress […]
Government exhorts banks to lend more to industry
The Union government on Friday urged bankers to increase lending to the industries segment given the multiplier benefits it offers for the country’s economic growth. The Department of Financial Services (DFS) under the Union finance ministry is also mulling to carry out a survey on customer service for banks and come out with rankings of […]
Tamilnad Mercantile Bank to focus on phygital platform, network expansion: MD&CEO
Private sector Tamilnad Mercantile Bank would focus on strengthening its exposure in the phygital platform besides expanding its branch network during the current financial year, a top official said on Thursday. The Tamil Nadu-based bank’s Managing Director and CEO S Krishnan who recently assumed office said retail, agriculture and micro, small and medium enterprises (RAM) […]
Government needs to assess financial sector risks, financial markets regularly: FSDC
Financial Stability and Development Council (FSDC) on Thursday underscored a need to assess financial sector risks and the financial market conditions regularly by the government and the regulators so that any vulnerability can be mitigated and addressed without delay. This assumes importance in strengthening financial stability amid global economic headwinds which saw inflation across the […]
Bank of Baroda braces up to expand mid corporate loans
State-owned Bank of Baroda is taking the lead in loans for mid and small companies seeking credit up to Rs 100 crore. The lender has earmarked four clusters across the country where such loans, assessed within defined time limits, can be approved directly. This would help it compete more efficiently with the nimble non-banking finance […]
IppoPay appoints Shabareesh Suresh as general counsel
IppoPay, a fintech startup providing payment infrastructure to small businesses in tier-2 and 3 cities and rural areas, has announced the appointment of Shabareesh Suresh as its general counsel. Suresh has close to 10 years of experience across law firms including AZB & Partners and Cyril Amarchand Mangaldas. He brings in-depth understanding of legal, compliance, […]
Small finance banks want to enter on-lending to manage risks better
Small finance banks (SFBs) are seeking approval from the regulator to enter on-lending, a growing practice where nonbank financial companies are gaining an advantage over traditional lenders. These banks have written to the Reserve Bank of India to permit them to operate with bigger banks and NBFCs, as they have the products and reach but […]
Union bank building digital bridge to growth as it pushes retail, SME loans
State-run Union Bank of India is turning around its growth strategy to grab the unattended retail and SME share in the hinterland where it is now equipped with the network of Andhra Bank and Corporation Bank that were merged into it. Chief executive officer A Manimekhalai, currently the lone woman chief executive of a public […]
NPAs from MUDRA loans in Maharashtra at 16.32% till June 2022: Official data
Nearly Rs 5,000 crore of loans or 16.32 per cent of the total bank assets in Maharashtra under the Pradhan Mantri MUDRA Yojana to help small businesses are unpaid as of June 2022, as per official data. Parbhani district in the backward Marathwada region of Maharashtra has the highest non-performing assets (NPAs) at 60.54 per […]
MSMEs who took loans under ECLGS show good repayment behaviour
Micro, small and medium enterprises who availed loans under the emergency credit line guarantee scheme (ECLGS) have exhibited good repayment behaviour with their bad loans ratio remaining lower than the industry average. The banking sector’s NPA was at 5.9% at the end of March. The NPA rate at 4.8% for borrowers who availed ECLGS facility […]