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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, 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, 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

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. 


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

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

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

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

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

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

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