Udyog Aadhaar registration is the new system that replaced the earlier system of SSI registration and EM-I/II. The gazette notification dated 18.09.2015 brought an end to the legacy of registration of SSI and Entrepreneur Memorandum (EM-I/II) as all other online/ offline systems of registration of MSMEs created and maintained by Central/State/UT Governments cease to register…
The Reserve Bank of India has recently launched National Mission for Capacity Building of Bankers for financing MSME sector (NAMCABS) for sensitizing and on imparting skills to bank officials. The main focus will be to up-skill 3 lakh banking personnel who have joined the system over the past six years and perhaps who have very…
The Reserve Bank of India has recently launched National Mission for Capacity Building of Bankers for financing MSME sector (NAMCABS) for sensitizing and on imparting skills to bank officials. The main focus will be to up-skill 3 lakh banking personnel who have joined the system over the past six years and perhaps who have very…
Students who belong to minority communities’ viz. Muslims, Christians, Sikhs, Buddhists, Jains, and Parsis are eligible for a 100% interest subsidy on education loans. This assistance is available to students who have secured admission to foreign Universities to pursue higher studies (i.e Post-Graduate Diploma, Masters, M.Phil, and Ph.D. level) and whose overall family income is…
DRI loans scheme (also known as DIR loan scheme) was introduced in the year 1972 to financially assist chosen low income groups. The loan scheme envisages lending by banks to weaker section of the society at a uniform concessional rate of interest of 4% per annum. The borrowers under this category of loan are rural…
(This article clarifies on who is eligible ( the age, limit, qualification) including quantum of subsidy, bank loan and money to be bought up by the entrepreneur to start up a business for bank finance under PMEGP scheme.) Online submission of applications for loans under PMEGP is mandatory and no manual applications are allowed w.e.f. 01.05.2016.The…
(This article envisages what are the expenses considered for the loan, what will be the quantum of loan and margin, what will be the repayment/holiday, moratorium period, what type of security to be offered, what is a capability certificate, significant tax benefits, etc. ) IBA has revised the guidelines on education loans. Click here to…
Traditionally, banking was unknown to present day concept of priority sector lending. The commercial banks in India used to provide security oriented finance to trade and industry. Big industrial houses and traders were beneficiaries of security oriented lending concept and a large chunk of bank finance was enjoyed by them. The National Credit Council in…