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Banks not supporting Centre's loan schemes for entrepreneurs: D K Shivakumar
Economic Times
·
1m ago
Medial
Karnataka Deputy Chief Minister D K Shivakumar expressed concern that banks are not supporting the Central government's loan schemes for entrepreneurs, particularly those without guarantees or collateral. He stressed the importance of empowering the younger generation and urged the Karnataka Small Scale Industries Association (KASSIA) to push for better governmental support than large industries. Shivakumar also highlighted industry concerns about potential company relocations and pushed for action to prevent such moves from Karnataka.
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Modi government committed to giving greater emphasis to small entrepreneurs: Nirmala Sitharaman
Economic Times
·
1m ago
Medial
Finance Minister Nirmala Sitharaman emphasized the Modi government's focus on supporting small entrepreneurs through financial inclusion and last-mile credit delivery. At a credit outreach event, loans totaling over Rs 5 crore were distributed under schemes like MUDRA and PMEGP. Significant loan sanctions were in Ladakh, highlighting growth in local financial infrastructure. Sitharaman also underscored initiatives for the region's cultural promotion, infrastructure, and renewable energy development, alongside improved educational access and support for local traditions.
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Tamil Nadu crosses 10,000 DPIIT-registered startup millstone, credits StartupTN mission
YourStory
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7m ago
Medial
Tamil Nadu has surpassed 10,000 registered startups, marking a significant achievement for the state. StartupTN, an initiative by the government, has played a vital role in nurturing the ecosystem through various schemes, funding opportunities, mentoring, and incubation support. The state's startup ecosystem is flourishing with multiple regional hubs and a metro hub in Chennai that provide a strong infrastructure for aspiring entrepreneurs. This exponential growth can be attributed to the focus on supporting startups and fostering innovation under the leadership of Chief Minister M K Stalin. Tamil Nadu aims to become a prominent startup hub with continued government backing.
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Centre Committed towards small biz: FM Nirmala Sitharaman in Ladakh
Economic Times
·
1m ago
Medial
Finance Minister Nirmala Sitharaman emphasized the Indian government’s commitment to supporting small businesses during a visit to Ladakh. Speaking at a credit outreach program, she highlighted financial inclusion efforts and the integration of Ladakh’s cultural identity into development plans. Loans exceeding ₹5.13 crore were disbursed under schemes like MUDRA and Stand-Up India, benefiting micro-entrepreneurs. Sitharaman noted significant loan activity and the expansion of financial infrastructure in the region, underscoring the importance of financial growth and cultural heritage.
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Fuelling Growth: PSU banks told to boost credit to crucial sectors
Economic Times
·
1m ago
Medial
The Indian government has encouraged public sector banks to increase credit to critical sectors, such as micro and small enterprises (MSMEs). Banks will identify high-employment MSME clusters and promote lending through specific Mudra financing products. Loan events for retail customers are also planned. The Reserve Bank of India's rate cut is expected to boost private sector expenditure. Additionally, performance reviews and credit schemes aim to enhance credit access for MSMEs and the rural population.
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New rules for NSS, PPF, credit cards, insurance, share buyback tax structure and other financial changes that you must watch out for in October
Money Control
·
9m ago
Medial
- Retail loan borrowers will benefit from key facts statements (KFS) issued by banks, providing clarity on loan costs. - New rules for post office small saving schemes are in effect from October 1. - HDFC Infinia credit card reward redemption rules have been tightened. - Health insurance policies issued before new regulations will have reduced waiting period and easier claims from October 1. - Special surrender values for endowment policies have been introduced. - Mutual fund unit repurchases will be exempted from 20% TDS starting from October 1.
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RBI diktat to banks, credit card companies set to upend long-term integrations
Economic Times
·
1y ago
Medial
The Reserve Bank of India's recent directive to banks and card schemes like Visa and Mastercard to avoid exclusive arrangements could pose a challenge to the long-standing partnerships between these institutions. Banks have relied on integrated partnerships with these card schemes to make their credit card operations profitable and appealing to customers. However, with the option for customers to choose other card schemes like RuPay, these partnerships may face disruption. Banks will need to educate customers on the differences between card schemes, and the regulatory push to make RuPay a significant player may further reduce reliance on international giants like Visa and Mastercard. Implementing this directive will be challenging for banks already grappling with regulatory changes and aiming to maintain a level playing field. In a rapidly growing Indian credit card market, these changes will affect lenders' financial plans and cobranded card partnerships.
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Saudi's PIF signs revolving credit facility of $15 bn for 23 financial institutions
VCCircle
·
11m ago
Medial
The Public Investment Fund (PIF) of Saudi Arabia has signed a revolving credit facility worth $15 billion with a group of 23 financial institutions. This new facility replaces a previous loan of the same amount that was agreed upon in 2021. The facility will be available for three years and can be extended for two more. The participating institutions include banks from Europe, the US, the Middle East, and Asia. The PIF has not disclosed the names of the banks involved in the new loan facility.
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Kinara Capital launches Rs 500 crore fund to empower women entrepreneurs
IndianStartupNews
·
1y ago
Medial
Leading Indian fintech company Kinara Capital has launched a new fund of INR 500 crore ($67 million) to mark the 5th anniversary of its HerVikas program, which supports women entrepreneurs by providing easier access to formal credit. New benefits under the program include a 1% interest rate discount on collateral-free business loans, a 60-day repayment holiday, and a 50% reduction in loan processing fees. Since its inception, the HerVikas program has disbursed over INR 700 crore ($94 million) in collateral-free loans, supporting 5,800 women MSME entrepreneurs across India.
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'Low financial literacy, informal borrowing' Fempreneurs face age-old challenges
Livemint
·
1y ago
Medial
Women entrepreneurs continue to face challenges such as lack of awareness about government financial schemes, dependency on family credits, informal borrowing, and lack of digital literacy. According to data from fintech company Tide, about 95% of women are unaware of government initiatives to support their businesses, leading them to seek credit from informal sources. Factors such as low decision-making power, lower risk aversion, and fewer financial facilities also hinder women's access to credit. Experts suggest improving financial literacy, implementing gender-sensitive banking practices, and providing training on financial management and business planning to address these challenges. Additionally, fintech startups are using advanced technology to revolutionize the landscape for female entrepreneurs, streamlining the loan application process and providing innovative financing solutions.
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Lending startup Optimo Loan raises $10M led by Blume, Omnivore
IndianStartupNews
·
1y ago
Medial
Optimo Loan, a small business lending startup in India, has raised $10 million in its first equity fundraise. The funds will be used to expand its micro, small, and medium enterprises (MSME) lending portfolio, enhance technology, and widen its presence in rural India. Optimo Loan uses a unique underwriting method to provide tailored financial solutions to MSMEs, aiming to address the significant credit gap in this sector. The company differentiates itself by supporting rural businesses and leveraging co-lending agreements with banks and NBFCs.
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