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Finance minister <keyword id="2464899" type="General" weightage="80" keywordseo="niramala-sitharaman" source="Orion">Niramala Sitharaman</keyword> is scheduled to meet managing directors of public sector banks (PSBs) on March 25 for a performance review against the backdrop of the failure of a few banks in the US and the liquidity crisis faced by Credit Suisse. The meeting is going to take stock of the progress made by banks in achieving targets set for the various government schemes, including <keyword id="6362618" type="General" weightage="80" keywordseo="kisan-credit-card" source="Orion">Kisan Credit Card</keyword> (KCC), Stand-Up India, <keyword id="2746650" type="General" weightage="80" keywordseo="pradhan-mantri-mudra-yojana" source="Orion">Pradhan Mantri Mudra Yojana</keyword> (<keyword id="2938130" type="General" weightage="80" keywordseo="pmmy" source="Orion">PMMY</keyword>), and emergency credit line guarantee scheme (ECLGS) to help businesses affected by Covid-19, according to sources. This is the first full review meeting after the presentation of Budget 2023-24 and banks would be asked to focus on the areas highlighted by the Budget including credit flow to productive sectors. The finance minister would review credit growth, asset quality, and capital raising and business growth plan of banks for the next financial year, the sources said, adding non-performing assets (NPAs) of Rs 100 crore and the recovery status would also be discussed. The meeting comes against the backdrop of global concern over the failure of banks due to aggressive monetary tightening. The <keyword id="117388" type="General" weightage="80" keywordseo="us-fed" source="Orion">US Fed</keyword> on Wednesday hiked interest rates by 25 basis points to tame high inflation despite the banking crisis. To fight the persistent hot inflation, the Fed has so far increased rates from zero to 4.75 to 5 per cent, all in just one year. Meanwhile, policymakers and experts have said that the Indian banking system is in good shape and can handle the situation caused due to monetary tightening. Various reforms undertaken by the government have resulted in significant improvement in the asset quality of public sector banks with the gross NPA ratio declining from the peak of 14.6 per cent in March 2018 to 5.53 per cent in December 2022. All PSBs are in profit with an aggregate profit of Rs 66,543 crore in 2021-22, and that further increased to Rs 70,167 crore in the first nine months of the current financial year. At the same time, resilience has increased with the provision coverage ratio of PSBs rising from 46 per cent to 89.9 per cent in December 2022. The capital adequacy ratio of PSBs improved significantly from 11.5 per cent in March 2015 to 14.5 per cent in December 2022. The total market capitalisation of PSBs (excluding IDBI Bank, which was categorised as a private sector bank in January 2019) increased from Rs 4.52 lakh crore in March 2018 to Rs 10.63 lakh crore in December 2022, he said. The government implemented a comprehensive 4R strategy of Recognising NPAs transparently, Resolution and recovery, Recapitalising PSBs, and Reforms in the financial ecosystem. Major banking reforms undertaken by the government over the last eight years ensured credit discipline, responsible lending and improved governance, besides the adoption of technology, amalgamation of banks, and maintaining general confidence of bankers. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/former-idbi-gm-conspired-with-vijay-mallya-over-short-term-loan-to-kingfisher-airlines-cbi/articleshow/98936880.cms">Former IDBI GM conspired with Vijay Mallya over short term loan to Kingfisher Airlines: CBI</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/nothing-ear-2-price-specifications-and-availability/articleshow/98936986.cms">Nothing Ear (2) earbuds with ANC and personalized sound profiles launched in India</a>

FM Nirmala Sitharaman likely to meet PSU banks heads on Saturday

In a major milestone, the deposits under the <keyword id="21344894" type="General" weightage="20" keywordseo="Pradhan-Mantri-Jan-Dhan-Yojana" source="keywords" meta.keywordsubtype="org" meta.entityname="Pradhan Mantri Jan Dhan Yojana" meta.hostid="329" meta.entityid="Pradhan Mantri Jan Dhan Yojana">Pradhan Mantri Jan Dhan Yojana</keyword> (<keyword id="20755055" type="General" weightage="20" keywordseo="PMJDY" source="keywords">PMJDY</keyword>) have reached Rs. 2,30,792 crores in a total of 52.81 crores <keyword id="22681833" type="General" weightage="100" keywordseo="Jan-Dhan-accounts" source="keywords">Jan-Dhan accounts</keyword>. The Government initiated the National Mission for <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">Financial Inclusion</keyword> (NMFI), namely, Pradhan Mantri Jan Dhan Yojana (PMJDY) in August 2014 to provide universal banking services for every unbanked household based on the guiding principles of banking the unbanked, securing the unsecured, funding the unfunded and serving unserved and underserved areas. The number of women Jan Dhan accounts constitutes 55.6 per cent of the total Jan Dhan Accounts, the Union <keyword id="141786" type="General" weightage="20" keywordseo="Minister-of-State-for-Finance" source="Orion">Minister of State for Finance</keyword>, <keyword id="2528510" type="General" weightage="20" keywordseo="Pankaj-Chaudhary" source="Orion">Pankaj Chaudhary</keyword>, said in Lok Sabha on Tuesday. About 29.37 crores were deposited in the accounts of women-Jan Dhan account holders. As per the information given by the Union Minister, about 35.15 crores or 66.6 per cent of PMJDY accounts have been opened in rural and semi-urban areas. The Minister further stated that the government has launched various <keyword id="20333402" type="General" weightage="20" keywordseo="social-security-schemes" source="keywords">social security schemes</keyword> such as Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY). As of 19.07.2024, about 20.48 crore cumulative enrolments have been made to provide life insurance cover of Rs. 2 lakh for death due to any reason under the PMJJBY. He added that about 45.08 crore cumulative enrolments have been done to provide one-year accidental cover of Rs. 2 lakh (death or permanent total disability) and Rs. 1 lakh (permanent partial disability) under PMSBY. Under the Atal Pension Yojana (APY), 6.71 crore cumulative enrolments have been made to provide monthly pensions to eligible subscribers, as per the minister. Chaudhary, further stated that to promote entrepreneurship in the country, the government has launched launched various credit-linked schemes. According to the Minister, about 48.92 crore cumulative loans amounting to Rs. 29.93 lakh crore (as of 12.07.2024) have been sanctioned to provide collateral-free institutional finance to micro/small business units up to Rs.10 lakh for income-generating activities under the PMMY. Under the Stand-Up India Scheme (SUPI), 2.36 lakh cumulative loans amounting to Rs. 53,609 crores (as of 15.07.2024) have been sanctioned to Scheduled Caste / Schedule Tribe and Women entrepreneurs for setting up greenfield projects, he informed.

52.81 crore Jan-Dhan accounts have deposited balance of over Rs. 2.3 lakh crore: Minister of State for Finance

New Delhi, The government on Monday informed Parliament that <keyword id="6355629" type="General" weightage="20" keywordseo="Google" source="Orion">Google</keyword> has suspended or removed over 2,500 fraudulent <keyword id="6095737" type="General" weightage="20" keywordseo="loan-apps" source="Orion">loan apps</keyword> from its Play Store between April 2021 and July 2022. The government is constantly engaged with the Reserve Bank of India (RBI) and other regulators and stakeholders concerned to control fraudulent loan apps, Finance Minister Nirmala Sitharaman said in a written reply to the Lok Sabha. The matter is also regularly discussed and monitored in the meetings of the Financial Stability and Development Council (FSDC), an inter-regulatory forum under the chairpersonship of the Finance Minister. The objective is to remain proactive, maintain cyber security preparedness with constant vigilance, and take appropriate and timely action to mitigate any such vulnerabilities in the Indian financial system, she said. As part of steps taken to control fraudulent loan apps, she said, the RBI has shared a 'whitelist' of legal apps with the government of India, and this list was shared by the Ministry of Electronics and Information Technology (Meity) with Google, whose app store is the primary source of distribution of digital lending apps. Google has updated its policy regarding enforcement of loan lending apps on the Play Store and has also deployed additional policy requirements with strict enforcement actions for lending apps in India, she added. As per their revised policy, only those apps are allowed on the Play Store which are published by Regulated Entities (REs) or those working in partnership with REs. "Between April 2021 and July 2022, Google also reviewed approximately 3,500 to 4,000 loan lending apps and suspended or removed over 2,500 fraudulent loan apps from its Play Store," she said. The Indian Cyber Crime Coordination Centre (I4C), Ministry of Home Affairs (MHA), has been regularly analysing the digital lending apps proactively. Based on its analysis and complaints reported on the National Cyber Crime Reporting Portal, the I4C team analyses apps on various parameters and reports to Meity apps found suspicious for blocking, she said. To spread awareness against cybercrimes and to safeguard interests of citizens, several steps have been taken by the government, the RBI, and banks, she said. The RBI has formulated conducting of electronic-Banking Awareness And Training (e-BAAT) which has largely focussed on awareness about fraud and risk mitigation, while a Nation-wide Intensive Awareness Programme (NIAP) was carried out in collaboration with the REs. In a separate response, Sitharaman said more than 44.46 crore loans amounting to Rs 26.12 lakh crore (as of November 24, 2023) have been sanctioned to the borrowers under the Pradhan Mantri Mudra Yojana (PMMY) since its inception. Under PMMY, collateral-free institutional credit up to Rs 10 lakh is provided by Member Lending Institutions (MLIs), i.e., Scheduled Commercial Banks (SCBs), Regional Rural Banks (RRBs), Non-Banking Financial Companies (NBFCs), and Micro Finance Institutions (MFIs). Any individual who is otherwise eligible to take a loan and has a business plan for a small business enterprise can avail of a loan under the scheme. Loans can be availed for income-generating activities in the manufacturing, trading, and services sectors, and also for activities allied to agriculture, under three categories, -- Shishu (loans up to Rs 50,000), Kishor (loans above Rs 50,000 and up to Rs 5 lakh) and Tarun (loans above Rs 5 lakh and up to Rs 10 lakh).

Google has removed 2,500 fraudulent loan apps from its Play Store, says FM

New Delhi [India], May 20 (ANI): A recent Certified Practising Accountant (CPA) Australia survey has revealed an overwhelming optimism among <keyword id="21735155" type="General" weightage="100" keywordseo="Indian-small-businesses" source="keywords">Indian small businesses</keyword>, with 84 per cent anticipating continued growth in 2024, significantly surpassing the market average of 70 per cent. Despite global <keyword id="20413867" type="General" weightage="20" keywordseo="economic-uncertainties" source="keywords">economic uncertainties</keyword>, 80 per cent of Indian respondents remain confident about the local economy's prospects for 2024, well above the survey average of 65 per cent. This buoyant outlook has been on an upward trajectory since 2022, highlighting the resilience and dynamism of India's small business sector. <keyword id="21735156" type="General" weightage="20" keywordseo="CPA-Australia-survey" source="keywords">CPA Australia survey</keyword> showed a rise in the growth rate of Indian <keyword id="390673" type="General" weightage="20" keywordseo="small-businesses" source="Orion">small businesses</keyword> from 73 per cent in 2022 to 77 per cent in 2023--the highest since 2019. Indian small businesses are riding a wave of optimism and growth, according to <keyword id="21735157" type="General" weightage="20" keywordseo="CPA-Australia" source="keywords" meta.keywordsubtype="org" meta.entityname="CPA Australia" meta.hostid="261" meta.entityid="CPA Australia">CPA Australia</keyword>'s latest annual Asia-Pacific Small Business Survey. The survey reveals that over three-quarters of Indian small businesses reported growth in 2023, surpassing pre-pandemic levels and making India's small business sector one of the most dynamic and fastest-growing in the Asia-Pacific region. Prafulla Chhajed, a CPA member of CPA Australia in India, emphasized the critical role of Micro, Small, and Medium-sized Enterprises (<keyword id="19910977" type="General" weightage="20" keywordseo="MSMEs" source="keywords">MSMEs</keyword>) in driving India's economic success. Chhajed said, "Micro, Small and Medium-sized Enterprises (MSMEs) are making a significant contribution to India's economic success. Not only is India's rapid economic growth and improving business environment boosting their confidence, support from the government ranging from digitalisation to access to funds, is assisting businesses to recover from the pandemic." He further said, "India's small businesses are enthusiastically improving their performance through innovation, adopting technologies, and building connections with overseas markets. 'Good staff' was nominated as the top positive factor that benefited India small business performance in 2023. It explains why Indian respondents have been so willing to add new employees over the past two years". "This year the pace in jobs creation by small businesses is expected to slow, although remain high in comparison to other markets. This is most likely due to a combination of factors including increasing levels of automation and rising labour costs," he added. However, Chhajed cautioned that the pace of job creation might slow down due to rising automation and labor costs, though it will still remain high compared to other markets. The survey highlighted several challenges faced by Indian small businesses, including increasing costs, competition, and cashflow difficulties. Staff and material costs were particularly detrimental in 2023, rising slightly from the previous year. To cope with these expenses and support growth, 68 per cent of small businesses sought external funding last year, though this figure dropped 20 percentage points from 2022. This year, 81 per cent plan to seek finance, despite tougher financing conditions. Only 42 per cent of respondents found it easy to secure funds in 2023, a sharp decline from 69 per cent in 2022. This trend is expected to continue, with just 43 per cent anticipating ease in accessing funds this year, down from 64 per cent previously. "Difficulty in accessing finance is a common challenge for small businesses worldwide. Though government loans like <keyword id="20151906" type="General" weightage="20" keywordseo="pradhan-mantri-mudra-yojana" source="keywords">Pradhan Mantri MUDRA Yojana</keyword> (PMMY) helps to foster entrepreneurship by offering financial support, MSMEs should not solely rely on borrowing to fund their long-term development, particularly in a high-interest rate environment", Chhajed explained. A significant number of Indian small businesses focused on managing costs and cash flow last year. Among the technologies they invested in, accounting software was particularly popular, with 23 per cent adoption. Professional advice was also sought frequently, with 34 per cent consulting accountants and 38 per cent seeking advice from friends and family. "Indian MSMEs are very competitive in many areas such as digitalisation and innovation, now they should focus on cost management and cashflow to increase their financial return. It's wise to use accounting software to control cost and analyse financial performance regularly. Further, financial experts like qualified accountants may provide professional advice to small businesses to manage technical issues like taxation and improve financial performance", Chhajed suggested. Indian small businesses also show a strong inclination towards innovation and global expansion. Leading the 11 surveyed markets, 34 per cent of respondents expect substantial revenue growth from overseas markets this year, significantly higher than the survey average of 19 per cent. Additionally, 44 per cent plan to introduce new products or services, compared to the market average of 29 per cent. Chhajed said, "The Indian government has established good platforms to bolster our MSMEs' global expansion, for example, international trade fairs for MSMEs. He added, "They could leverage these opportunities to connect with overseas customers and promote their novel products globally. Besides, our thriving digital economy also fosters MSMEs' innovation and revolution in the digital era." The survey gathered insights from 4,222 small businesses across 11 Asia-Pacific markets, including 505 respondents from India, providing a comprehensive overview of the region's small business landscape. (ANI)

84% of Indian small businesses anticipate robust growth in 2024: CPA Australia survey

New Delhi, <keyword id="2240511" type="General" weightage="100" keywordseo="bandhan-bank" source="Orion">Bandhan Bank</keyword> managing director Chandra Shekhar Ghosh on Tuesday said there is a need to increase per capita income to make India third largest economy in the world. The per capita income of the fifth largest economy, as per the government data, stood at Rs 98,374 in 2022-23. India ranks 130th globally in terms of <keyword id="204102" type="General" weightage="80" keywordseo="human-development" source="Orion">Human Development</keyword> Index comprising per capital income, education and health parameters, Speaking at an event organised by CII here, Ghosh said, to make India third largest economy in the world or to achieve USD 5 trillion size, per capita income has to increase. "We need to focus on per capita income improvement so that people have higher income and therefore spending would increase. So that should be the main focus," he said. Ghosh said financial inclusion and access to institutional credit play an important role in improvement of per capital income. The government has taken many initiatives, including <keyword id="6524177" type="General" weightage="80" keywordseo="pradhan-mantri" source="Orion">Pradhan Mantri</keyword> Jan Dhan Yojana (PMJDY) and <keyword id="2746650" type="General" weightage="80" keywordseo="pradhan-mantri-mudra-yojana" source="Orion">Pradhan Mantri Mudra Yojana</keyword>, in this direction. Under the PMJDY, around 51 crore zero balance bank accounts have been opened so far. PMJDY was launched as the <keyword id="2661678" type="General" weightage="80" keywordseo="national-mission-for-financial-inclusion" source="Orion">National Mission for Financial Inclusion</keyword> on August 28, 2014. It aims to ensure comprehensive financial inclusion in the country by providing universal access to banking facilities and basic bank accounts to every unbanked adult. Pradhan Mantri Mudra Yojana (PMMY) is helping unbanked to get collateral-free credit. More than 44 crore loan accounts opened and more than Rs 26.12 lakh crore sanctioned as on November 24, 2023. Digital Public Infrastructure (DPI) has helped significantly in the growth of digital payment in the country, he said, adding, this has also created a need for digital literacy to save people from cyber crime.

Need to increase per capita income to make India 3rd largest economy: Bandhan Bank MD

New Delhi, To bring down the debt burden, the government has taken various measures like increasing the tax revenue buoyancy, enhancing the public expenditure effectiveness, commitment to reducing fiscal deficit and augmenting the productive efficiency, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> said on Monday. In addition to strengthening the financial system, the government has more than doubled its effective capital expenditure from Rs 6.57 lakh crore in 2020-21 to Rs 13.71 lakh crore and Rs 14.97 lakh crore in 2023-24 (BE) and 2024-25 (BE), respectively, to crowd in private investments, she said in the <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword>. The government's emphasis on increasing capital expenditure will not only boost the investments, but also return a higher GDP growth to lower the debt burden, she said. Simultaneously, she said, the state governments have been incentivised to increase their capital spending through measures like 50-year interest-free capex loans and front-loading of tax devolution instalments. Various other measures like reduction of the corporate tax rate, liberalisation of foreign direct investment, and enhancement of ease of doing business have created supportive conditions for sustained growth in private investment, she said. As a result, the overall investment rate in the economy consolidated at 29.2 per cent of GDP in 2022-23 and further improved to 29.8 per cent in 2023-24 as per the advance estimates by NSO, she said. Impacted by COVID-19, the debt to GDP ratio increased to 89.6 per cent at the end of the pandemic year 2020-21. After a sharp rise in government debt in 2020-21 on account of the revenue shortfall and additional spending requirements due to the pandemic, the general government debt relative to GDP has gradually declined over the last two years to reach around 81 per cent at the end of March 2023 (provisional), she said. Buoyant revenue collection, rebalancing of spending from revenue to capital expenditure and robust real GDP growth in the post-pandemic years have led to a decline in the government debt relative to GDP, she added. Replying to another question, <keyword id="19916494" type="General" weightage="20" keywordseo="sitharaman" source="keywords">Sitharaman</keyword> said more than 46.15 crore loans amounting to Rs 27.38 lakh crore have been sanctioned to the borrowers under the <keyword id="19959985" type="General" weightage="20" keywordseo="pradhan-mantri" source="keywords">Pradhan Mantri</keyword> Mudra Yojana (PMYY) as of January 26, 2024. Complaints with regard to the implementation of PMMY are redressed in consultation with respective banks. The complaints received at the Centralised Public Grievance Redress and Monitoring System (CPGRAMS) are also being taken up with respective banks for redressal within the prescribed timelines, she said. Pradhan Mantri Jan <keyword id="20000588" type="General" weightage="20" keywordseo="dhan-yojana" source="keywords">Dhan Yojana</keyword> (PMJDY) has been successful in increasing banking penetration to promote financial inclusion across the country, she said in a separate reply. A total of 51.61 crore Jan-Dhan accounts with a deposit balance of Rs 2,17,218 crore have been opened as of January 17, 2024, under PMJDY, the minister said. Of the total, 28.60 crore (55.5 per cent) Jan-Dhan accounts belong to women, and about 34.41 crore (66.8 per cent) PMJDY accounts have been opened in rural and semi-urban areas.

Various measures taken to reduce debt burden, strengthen economy: FM

New Delhi, Banks have written off <keyword id="142154" type="General" weightage="20" keywordseo="bad-loans" source="Orion">bad loans</keyword> worth Rs 14.56 lakh crore in the last nine financial years starting 2014-15, Parliament was informed on Monday. Out of the total Rs 14,56,226 crore, written off loans of large industries and services stood at Rs 7,40,968 crore. Scheduled Commercial Banks (SCBs) have recovered an aggregate amount of Rs 2,04,668 crore in written-off loans, including corporate loans, since April, 2014 and up to March, 2023, Minister of State for Finance Bhagwat Karad said in a written reply to Lok Sabha. <keyword id="18310466" type="General" weightage="20" keywordseo="loans-written-off" source="Orion">Loans written-off</keyword> during the financial year, net of recovery in written-off loans during the financial year (net write-off) in public sector banks (PSBs) was Rs 1.18 lakh crore in the financial year (FY) 2017-18, which has declined to 0.91 lakh crore in FY 2021-22 and to Rs 0.84 lakh crore (RBI provisional data) in FY 2022-23, he said in another reply. Net write-off loans by private sector banks stood at Rs 73,803 crore (RBI provisional data) in FY 2022-23, he said. Net write-off as percentage of opening gross loans and advances in private sector banks was 1.25 per cent and 1.57 per cent in FY 2017-18 and FY 2022-23 respectively, and it was 2 per cent and 1.12 per cent for PSBs during the same period. Comprehensive steps have been taken by the government and RBI to recover and to bring down NPAs, enabled by which, gross NPAs of PSBs have declined to Rs 4.28 lakh crore as on March 31, 2023 from Rs 8.96 lakh crore as on March 31, 2018, he said. Talking about various steps taken by the government, he said, the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, has been amended to make it more effective. The pecuniary jurisdiction of debt recovery tribunals (DRTs) was increased from Rs 10 lakh to Rs 20 lakh to enable the DRTs to focus on high-value cases, resulting in higher recovery for the banks and financial institutions, the minister said. In addition, he said, National Asset Reconstruction Company Limited (NARCL) has been set up as an asset reconstruction company with an aim to resolve stressed assets above Rs 500 crore each. The government has also approved extending a guarantee of up to Rs 30,600 crore to back Security Receipts issued by NARCL to lending institutions for acquiring stressed loan assets, he said. Replying to another question, Karad said the board of State Bank of India (SBI) in its meeting held on June 9, 2023 had accorded approval for raising up to an amount of Rs 50,000 crore which constitutes basel III compliant AT-1 bonds up to an amount of Rs 20,000 crore, Tier-2 bonds up to an amount of Rs 10,000 crore and infrastructure bonds up to an amount of Rs 20,000 crore by the bank during FY2023-24. As per SBI, the purpose of raising capital bonds (AT-1 and Tier-2) is to replace the existing capital bonds which are due for call up during FY2023-24, further strengthen the capital base of the bank and support asset growth, he said. Banks are exempted from maintaining Cash Reserve Ratio and Statutory Liquidity Ratio on long-term bonds for lending to infrastructure sector, he said, adding, the raising of long-term infrastructure bonds helps the bank in better asset liability management. In a separate reply, he said, Pradhan Mantri Mudra Yojana (PMMY) was launched on April 8, 2015 and has been implemented across the country. As on June 30, 2023, he said, more than 42.20 crore loans amounting to Rs 24.34 lakh crore have been sanctioned to borrowers under the scheme.

Banks write off Rs 14.56 lakh crore NPAs in last nine financial years

New Delhi, Dec 3 () The government on Tuesday said close to 3 per cent of Rs 6.04 lakh crore worth of loans sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) has turned into bad loans.
 Prime Minister Narendra Modi launched the PMMY on April 8, 2015, for providing collateral free loans of up to Rs 10 lakh to non-corporate, non-farm small/micro enterprises with a view to generating employment, and providing access to easy finance to small enterprises.
 In a written reply to a question on the PMMY in the Rajya Sabha, Minister of State for Finance Anurag Thakur also said any complaint received in respect of implementation of the PMMY, including turning down of loan applications, delay in turn-around-time (TAT) and lenders' insisting on collateral/guarantor on certain occasions, are redressed in coordination with the respective banks.
"Scheduled Commercial Banks (SCBs) and Regional Rural Banks (RRBs) have reported that as of March 2019, against a total amount of Rs 6.04 lakh crore disbursed by them under PMMY since inception of the scheme, an amount of Rs 17,251.52 crore had turned into Non-Performing Assets (NPAs), which is 2.86 per cent of the total disbursed amount," the minister said.
 Loans are classified as MUDRA under the PMMY. The loans are given under three categories of Shishu, Kishore and Tarun to signify the stage of growth and funding needs of the beneficiary.
 Replying to another question, the minister said during the last five financial years, the total number of branches of public sector banks (PSBs) increased to 87,580 at end-March 2019 from 78,939 as of March 2014 .
 The minister also informed the House that PSBs wrote off Rs 47,658 crore, Rs 56,847 crore, Rs 79,048 crore, Rs 1,24,275 crore and Rs 1,86,632 crore during financial years 2014-15, 2015-16, 2016-17, 2017-18 and 2018-19, respectively, according to the RBI data. 
Of these, write-offs in loans pertaining to 'agriculture and allied activities' were Rs 2,833 crore, Rs 6,361 crore, Rs 7,091 crore, Rs 10,345 crore and Rs 12,556 crore in those financial years respectively. NKD MR
MR

Nearly 3 pc of Mudra loans turn into bad loans: Govt

New Delhi, Mar 3 () Women account for over 81 per cent of the total beneficiaries under the 'Stand Up India' scheme with loans worth Rs 16,712 crore sanctioned for them in nearly 4 years time, the finance ministry said on Tuesday.In the past six years, the ministry has launched various schemes which have special provisions for empowerment of women. "These schemes have financially empowered women to lead a better life and chase their dreams of being an entrepreneur," the ministry said, ahead of the International Women's Day on March 8. The Stand Up India scheme was launched on April 5, 2016, to facilitate bank loans between Rs 10 lakh and Rs 1 crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch of Scheduled Commercial Banks for setting up a greenfield enterprise."As on February 17, 2020, more than 81 per cent account holders under Stand Up India Scheme are women. 73,155 accounts have been opened for women. Rs 16,712.72 crore has been sanctioned for women account holders and Rs 9,106.13 crore has been disbursed for women account holders," the ministry said in a statement.Besides, under the Pradhan Mantri Mudra Yojana (PMMY), 70 per cent of the total loan borrowers are women. PMMY was launched on April 8, 2015 for providing loans up to Rs 10 lakh to the non-corporate, non-farm small/micro enterprises. These Mudra loans are given by commercial Banks, RRBs, small finance banks, MFIs and NBFCs. "As on January 31, 2020, more than 22.53 crore loans have been sanctioned since launch of the scheme. Out of this, more than 15.75 crore loans extended to women, thereby 70 per cent of the total loan borrowers are women," the ministry added.Moreover, Pradhan Mantri Jan-Dhan Yojana (PMJDY) was launched on August 28, 2014. The scheme envisages universal access to banking facilities with at least one basic banking account for every adult. It has 38.13 crore beneficiaries."As on February 19, 2020, 20.33 crore beneficiaries out of 38.13 crore PMJDY beneficiaries are women which amounts to 53 per cent," it said. In the social sector scheme Atal Pension Yojana (APY), launched on May 9, 2015, more than 93 lakh subscribers (43 per cent) out of a total of around 2.15 crore subscribers are women. The scheme offers guaranteed minimum monthly pension of Rs 1,000 -Rs 5,000 at the age of 60 years. JD ANUANU

Rs 16,712 cr loan sanctioned to women under 'Stand Up India' scheme: FinMin

Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> on Friday said that the <keyword id="2473706" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Jan-Dhan-Yojana">Pradhan Mantri Jan Dhan Yojana</keyword> (<keyword id="2494008" type="PERSON" weightage="20" keywordseo="PMJDY">PMJDY</keyword>) launched six years ago on this day has been a game-changer. "Today, six years ago, the Pradhan Mantri Jan Dhan Yojana was launched with an ambitious aim of banking the unbanked. This initiative has been a game-changer, serving as the foundation for many poverty alleviation initiatives, benefitting crores of people," the Prime Minister tweeted. PMJDY under the National Mission for Financial Inclusion was launched initially for a period of four years (in two phases) on August 28, 2014. It envisages universal access to banking facilities with at least one basic banking account for every household, financial literacy, access to credit, insurance and pension. The scheme has provided a platform for the three social security schemes --Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY) and Pradhan Mantri Mudra Yojana (PMMY). The Government decided to extend the comprehensive PMJDY program beyond August 28, 2018 with the change in focus on opening accounts from 'every household' to 'every adult'. As per the government plan, new modifications in the scheme include Existing Over Draft (OD) limit of Rs 5,000 revised to Rs 10,000, no conditions attached for active PMJDY accounts availing OD upto Rs 2,000, age limit for availing OD facility revised from 18-60 years to 18-65 years. Besides, the accident insurance cover for new RuPay card holders was raised from existing Rs 1 lakh to Rs 2 lakh to new PMJDY accounts opened after August 28, 2018. Over 40.35 crore beneficiaries have been banked so far under the scheme and Rs 1,30,701.05 crore balance is in beneficiary accounts. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/india-likely-to-introduce-a-second-defence-import-embargo-list-by-the-end-of-year-as-it-chases-down-5-billion-in-exports/articleshow/77797223.cms">India likely to introduce a second defence ‘import embargo’ list by the end of year as it chases down $5 billion in exports</a> <a href="https://www.businessinsider.in/stock-market/markets/news/there-arent-enough-shares-of-hdfc-bank-indusind-bank-and-kotak-bank-that-foreign-investors-can-buy/articleshow/77798108.cms">There aren’t enough shares of HDFC Bank, IndusInd Bank and Kotak Bank that foreign investors can buy</a> <a href="https://www.businessinsider.in/india/news/covid-19-strikes-ten-of-the-50-surviving-members-of-the-great-andamanese-tribe/articleshow/77797765.cms">COVID-19 strikes ten of the 50 surviving members of the Great Andamanese tribe</a>

After six years of PMJDY, PM Modi claims it has been a game-changer

Ahmedabad, Dec 24 () Gross NPAs of Gujarat banks have increased to Rs 43,290.18 crore, or 7.10 per cent of the outstanding, as of September 2019 compared to Rs 39,695 crore, or 6.55 per cent as of June this year, revealed the report of
State Level Bankers Committee (SLBC) released on Tuesday.
Gross NPAs in overall agricultural segment remained at 7.56 per cent of the outstanding amount, while those of the MSMEs were the highest at 8.02 per cent of outstanding, the report reveals.
Gross NPAs of non-priority sector remained at 7.51 per cent of outstanding.
Gross advances of the banks in the state of Gujarat are Rs 6,09,847 crore, and gross NPAs are Rs 43,290 crore, i.e., 7.10 per cent as of September, 2019, SLBC said.
Bank-wise data shows gross NPAs of nationalised banks remain at the highest at Rs 30,039.8 crore, or 15.28 per cent of total outstanding of Rs 196,557.10 crore, while that of private banks remain at 2.65 per cent of total outstanding of Rs 261,407 crore.
The report also highlighted new initiative launched by the state government through a notification dated October 24, 2019, relaxing licencing requirement for MSMEs for three years.
Under this, enterprises will only require to provide declaration of intent, based on which investor facilitation agency will issue an all-purpose acknowledgment certificate,
making setting up and obtaining finance for MSME a hassle-free process.
It urged banks to tweak its MSME policies whereby mere obtaining acknowledgement certificate as defined in the act would enable bank to extend finance.
The SLBC further said in its latest report that all unbanked tier IV rural centres in the state having between 10,000-19,999 population have been covered with banking
outlets either through brick and mortar or business correspondent model.
However, in terms of tier V centres, with villages having between 5,000-9,999 population, 160 centres are yet to get banking outlets, it said.
Also, in terms of performance of tribal districts of Dahod and Narmada under key financial inclusion parameters, banks in these districts require much more efforts to bring the performance at par with other districts, it said.
The report said a total Rs 425.96 crore was collected from farmers under the Pradhan Mantri Fasal Bima Yojana from 13.69 lakh farmers for Kharif 2019 season, which covers a total 25.45 lakh hectare area.
Out of a total 15.53 lakh farmers covered under the scheme who paid Rs 366.42 crore as premium, 12.07 lakh farmers were provided claims, with companies settling 2,334 crore as amount of claim, SLBC said.
In terms of Pradhan Mantri MUDRA Yojana, till November 30 this financial year, banks in the state disbursed a total of Rs 5651.09 crore as loan, given to a total 8.87 lakh beneficiaries.
Since its inception till September 30 this year, the total NPA in PMMY stood at Rs 442.63 crore of an outstanding of Rs 9,946.38 crore. KA PD RSY MKJ

Gujarat banks' gross NPAs rise to Rs 43,000 cr as of Sept 2019

New Delhi, Dec 3 () Following are the top business stories at 1810 hours:
 
DEL73 BIZ-FM-LD REFORMS
Govt open to further reforms: Sitharaman
New Delhi: Seeking investment from global players, Finance Minister Nirmala Sitharaman on Tuesday said the government is open to further reforms for making India a more attractive investment destination.

DEL74 BIZ-BANK-LOANS
PSU banks disburse record Rs 4.9 lakh cr loans during Oct-Nov
New Delhi: Public sector banks disbursed a record Rs 4.91 lakh crore of loans during the festive month of October and November, the finance ministry said on Tuesday.

DEL64 BIZ-LD STOCKS
Benchmark indices skid over fresh global trade worries
Mumbai: Benchmark stock indices Sensex and Nifty on Tuesday fell in line with subdued Asian markets after the US decision to slap tariffs on imports from Brazil and Argentina opened a new front in global trade war.
 
DCM27 BIZ-RBI-POLICY
RBI MPC starts deliberations on monetary policy
Mumbai: RBI Governor Shaktikanta Das-headed Monetary Policy Committee (MPC) on Tuesday started its three-day deliberations on the policy review amid high expectations of another round of reduction in the key policy rate to revive the sagging economy. 

DCM30 RS-DISINVESTMENT
Govt raises Rs 2.79 lakh cr through divestment in last 5 years
New Delhi: The government raised Rs 2,79,622 crore from the disinvesment of public sector undertakings (PSUs) during 2014-19 compared to Rs 1,07,833 crore during the 10-year UPA rule from 2004-14, Union minister Anurag Singh Thakur said on Tuesday.

DEL41 BIZ-RSQ-MUDRA-NPA
Nearly 3 pc of Mudra loans turn into bad loans: Govt
New Delhi: The government on Tuesday said close to 3 per cent of Rs 6.04 lakh crore worth of loans sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) has turned into bad loans.
 
DCM15 BIZ-FITCH-BANKS
Indian banks need USD 7 bn additional capital :Fitch 
New Delhi: Indian banks need an additional USD 7 billion (Rs 50,000 crore) equity by 2020-21 to support loan growth and cover for bad loans, Fitch Ratings said on Tuesday adding a slowing economy could exacerbate asset-quality tension for a sector grappling with weak recoveries and ageing provisions.

DEL79 BIZ-LD RUPEE
Rupee ends steady ahead of RBI policy outcome 
Mumbai: The Indian rupee closed on a steady note against the US dollar on Tuesday as the domestic forex market turned cautious ahead of the RBI monetary policy outcome. 
 
DCM29 RSQ-DIRECTORS
Over 19 lakh director identification numbers deactivated for want of KYC info: Govt
New Delhi: The Corporate Affairs Ministry has deactivated more than 19 lakh director identification numbers (DIN) as the individuals concerned failed to file KYC details under the companies law. 


 RVK

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