eSARAS an e-commerce mobile app will be used as a more effective platform for marketing of the products made by women of self-help groups. It is an initiative conceptualized by the DAY-NRLM, Ministry of Rural Development (MoRD), towards the marketing of the best, authentic handicrafts and hand-looms. Launching the App, Secretary Shri Shailesh Kumar Singh…
Informal Micro Enterprises (IMEs) were defined as those enterprises which are unable to get registered on the Udyam Registration Portal (URP) due to a lack of mandatory required documents such as Permanent Account Number (PAN) or Goods and Services Tax Identification Number (GSTIN). As per the existing guidelines, all lenders were required to obtain a…
RBI today announced through a circular that the GCC Scheme shall henceforth be called “General Credit Card (GCC) Facility. The General Credit Cards (GCC cards) can be issued by banks to Individuals who have been sanctioned working capital facilities for non-farm entrepreneurial activities that are eligible for classification under the priority sector guidelines. The GCC…
There are several major centrally sponsored schemes under which credit is provided by banks and subsidy is received through Government Agencies. Credit flow under these schemes is monitored by RBI. Under each of these, there is a significant reservation/relaxation for the members of the SC/ST communities. SCLCSS for under the National SC/ST hub scheme: The…
India’s Central Bank has approved the continuation of the Interest Subvention Scheme (ISS) Short Term Loans for Agriculture and Allied Activities availed through Kisan Credit Card (KCC) during the financial years 2022-23 and 2023-24. However, the scheme is modified with certain stipulations for the above period. According to RBI notification on Wednesday, all Public Sector…
The jump in lending to corporate borrowers has driven up demand for priority-sector lending certificates (PSLC), forcing banks to pay a higher premium to meet regulatory lending targets. The total Priority Sector lending of a domestic commercial bank should be 40 per cent (target for foreign banks 32%) of Adjusted Net Bank Credit or Credit…
Reserve Bank of India (RBI) on Tuesday said primary cooperative banks can now extend loans of up to Rs 10 lakh to individuals for repair or alterations of their dwelling units in metropolitan centres. “The ceiling on such loans is now revised to Rs 10 lakh in metropolitan centres (those centres with a population of…
Government of India vide Gazette Notification S.O. 2119 (E) dated June 26, 2020, has notified new criteria for classifying the enterprises as Micro, Small, and Medium enterprises effective from July 1, 2020. Under the new criteria for the classification of MSMEs, enterprises are reclassified under composite criteria (investment and turnover) and there is no more…
RBI on Wednesday (18.05.2022) notified all the banks that the RBI circular dated February 04, 2019, related to Kisan Credit Card (KCC) for ‘Working Capital for Animal Husbandry and Fisheries’ stand modified. Modification of the scheme was necessitated by the Central Bank in India (RBI), as they received information that the licensing/authorisation related requirements pertaining…
“On-lending” means loans sanctioned by banks to eligible intermediaries for onward lending for the creation of priority sector assets. As per the latest RBI, circular banks are permitted to extend the above facility on an ongoing basis. RBI on Friday (May 13, 2022) announced that “To ensure the continuation of the synergies that have been…