22nd Feb 17 SIDBI and Vijaya Bank combine together to provide micro loans to small businesses at concessional rates
SIDBI has signed a memorandum of understanding (MoU) with Vijaya Bank to provide micro loans to small enterprises at concessional rates. The MoU is aimed at promoting and strengthening business units in MSE segment. SIDBI will provide loans to MSME units at a concessional rate of 9.60 percent under its scheme SIDBI Make in India Soft Loan Fund for MSMEs.
21st Feb 17 Capital Float to disburse Rs. 5,000 crore in SME loans during FY18
SME lending platform, Capital Float is planning to disburse Rs. 5,000 in SME loans during FY18. The company has partnered with various electronic platforms, cab services and payment gateways including Snapdeal, Shopclues, Paytm and Uber to offer loans to large number of small retail businesses and merchants. The company also plans to offer loans via mobile applications and its website to reach out to small businesses that rely heavily on chit funds and local moneylenders for loans.
18th Feb 17 Cash credit limit for MSMEs increased to 30 percent
Chennai government has increased the cash credit limit for MSMEs to 30 percent of the turnover against the existing limit of 20 percent with a view of encouraging MSMEs to conduct business digitally. Earlier in order to encourage MSMEs to focus on digitisation, the presumptive tax liability was reduced to 6 percent from existing 8 percent for the companies conducting business digitally.
17th Feb 17 Demonetization hits micro finance industry in third quarter of FY17
Demonetisation took a heavy toll on Indian micro finance industry both in terms of volume and value of loans and disbursed which fell considerably during the third quarter of FY17. Micro Finance institutions Network (MFIN) in its report has highlighted a decline of 26 and 16 percent respectively in the volume and value of micro loans disbursed during the third quarter of FY17.
16th Feb 17 India ratings maintains stable outlook for large state run banks with their ease of access to growth capital
Domestic rating agency Indian Ratings and Research maintained a stable outlook on large scale public sector and private sector banks, citing access to high level of capital as the reason. However, they retained a negative outlook on small state run banks due to limited access to capital and large non performing assets. The agency in its report highlighted that the banks would need Rs. 91,000 crore in tier-I till March, 2019 to grow at minimum pace of up to 9 percent CAGR.
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