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<ul><li>The number of <keyword id="6358354" type="General" weightage="100" keywordseo="msme" source="Orion">MSME</keyword>s have gone down in 2021-22 compared to 2020-21 because a number of MSMEs have grown bigger and crossed the MSME threshold. </li><li>MSMEs across all sectors have shown strong resilience to bounce back post the pandemic-induced slowdown. </li><li>The <keyword id="4656676" type="General" weightage="80" keywordseo="udyam" source="Orion">Udyam</keyword> portal and the Emergency Credit Line Guarantee Scheme have helped MSMEs to weather the storm. </li></ul>The micro, small and medium enterprises (MSME) sector is charting a new story post pandemic, with credit growth to MSMEs consistently higher – both on a year-on-year basis and also in comparison with larger industries, according to SBI Research. Incentives provided by the Emergency Credit Line Guarantee Scheme (ECLGS), coupled with lower gross non-performing asset (GNPA) ratios have helped in boosting credit to MSMEs, the SBI Research report said. Interestingly, the number of MSMEs have gone down in 2021-22 compared to 2020-21 because a number of MSME units have grown bigger and crossed the ₹250 crore turnover threshold that defines an MSME unit under the new definition, enforced in 2020. A company bigger than ₹250 crore is considered a mid-sized corporate firm. MSMEs have shown strong resilience to bounce back from the pandemic- induced slowdown seen in 2020. In some sectors that were not affected by the pandemic – like hospitality, construction, NBFCs, power, metals and so on, the credit outstanding as of March 2022 was almost 3x that seen in March 2018. There were sectors that were affected but have recovered from the pandemic – like edible oil, printing, consumer durables, pharmaceuticals, jute, aviation, etc, – with credit expansion for some of these in March 2021 lower than the March 2018 levels, but these have staged a smart recovery in March 2022, the report said. Some industries like mining, petrochemicals, cement, FMCG and others were deeply impacted by the pandemic but have almost recovered. A couple of initiatives from the Government of India may have helped MSMEs weather the storm and chart a strong growth story, according to SBI Research. Udyam portal: Turning informal micro enterprises formal In July 2020, the Government of India launched <keyword id="15931646" type="General" weightage="50" keywordseo="udyam-assist-platform" source="Orion">Udyam Assist Platform</keyword> (UAP) to bring all the Informal Micro Enterprises (IMEs) – which constitute around 99% of the MSMEs in the country – into the formal ambit without complex and complicated paperwork. The UAP will enable IMEs who aren’t registered under GST to get a registration certificate based on information with Banks/NBFCs. The Udyam registration may also help MSMEs in availing the benefits of multiple schemes of the <keyword id="5713874" type="General" weightage="50" keywordseo="ministry-of-msmes" source="Orion">ministry of MSMEs</keyword> such as Credit Guarantee Scheme, Public Procurement Policy, additional edge in government tenders and protection against delayed payments by corporates, etc. The IMEs will also become eligible for priority-sector lending by banks, be able to get collateral-free loans from banks and also be able to get licences, approvals and registrations easily. ECLGS: A saviour during pandemic The ECLG scheme acted as an enabler and helped MSMEs navigate the pandemic better. While at least 14.6 lakh MSMEs accounts were saved due to the ECLG scheme in absolute terms, MSME loan accounts worth ₹2.2 lakh crore improved since the inception of the ECLG scheme for the entire banking industry, as per SBI Research. This means that around 12% of the outstanding MSME credit has been saved from slipping into non-performing assets (NPAs) because of the ECLG scheme. Of the 14.6 lakh MSMEs accounts that were saved due to the ECLG scheme, almost 93.8% were in the <keyword id="16232960" type="General" weightage="50" keywordseo="micro-and-small" source="Orion">Micro and Small</keyword> category. If such units slipped into NPA, 1.65 crore workers would have become unemployed.

MSME sector is on a strong growth trajectory post the pandemic: SBI Research

The Micro, Small &amp; Medium Enterprises (MSMEs) have been contributing significantly to the country’s economy and serve as a robust platform for business innovation. According to the MSME ministry data, there are about 6.3 crore MSMEs in India, which provide employment to approximately 11.10 crore Indians and contribute to about 27% to the country's GDP. It is important to note that the micro segment is more than 99% of the MSME population, while the Small &amp; Medium segment is less than 1% of the MSME universe. Compared to large or multinational firms backed by relatively deeper pockets, MSMEs require a bare minimum protection plan for managing the risks. The Union Budget FY22-23 also re-emphasised the need to make the MSME sector more robust and provide ways and means to mitigate the risks such as fire, theft, or worker safety. Most of these MSMEs often are business ventures where the promoter has invested their lifetime savings or borrowed money to start a new business. Given their small size and scale of operations, most of these MSME units are prone to risks that threaten their overall business objective – something that they put in years to scale up. Insurance offers protection from sudden shocks and uncertainties and helps mitigate adverse effects on the long-term business plan of the MSME, thus ensuring longevity and sustenance of the business. Why do MSMEs need to insure their business? MSMEs should understand and evaluate their risks and identify the optimal size of insurance covers based on their business activity and asset size. The probability of certain threats and perils might seem low and to save premiums these firms might remain underinsured or even uninsured. However, in the face of adversities, the damage caused and the stakes lost end up being much higher. MSMEs must pick the right insurance plan to avoid being underinsured. As the business grows, so does the allocated budget for insurance and risk mitigation measures. The decision on which kind of insurance protection plan an MSME unit needs must be made bearing certain factors in mind – nature of business, employee strength, and financial capability of the company, among others. Some of the key products that MSMEs could opt for are: 1. Bharat <keyword id="11967149" type="General" weightage="80" keywordseo="sookshma-udyam-suraksha" source="Orion">Sookshma Udyam Suraksha</keyword> &amp; Bharat Laghu Udyam Suraksha <ul><li>This is the newly devised asset insurance products for MSME sector from insurance regulator (IRDAI) and effective from April 1, 2021. These products protect MSME from fire, flood, and earthquakes among other perils. There are two schemes under this</li><li>Bharat Sookshma Udyam Suraksha, which is for MSME units having value at risk up to ₹5 crores</li><li>Bharat Laghu Udyam Suraksha for units having value at risk above ₹5 crore.</li></ul>2.Trade Credit InsuranceThis protects the enterprise from payment risks resulting from an issue regarding delivery of goods and services. 3. <keyword id="1672191" type="General" weightage="80" keywordseo="cyber-insurance" source="Orion">Cyber Insurance</keyword> coverage Adequate cyber insurance coverage is a must in today’s environment and can be the perfect risk mitigating tool against cyber threats of all kinds. 4. Marine Cargo Insurance Provides wide coverage for loss or damage caused to the cargo whilst in transit between any two points by sea/air/rail/road/courier. 5. <keyword id="5139309" type="General" weightage="80" keywordseo="group-medical" source="Orion">Group Medical</keyword> coverage policy For the employees of the MSME thereby building employee loyalty and faith by promoting a cohesive, healthy working environment. Besides these, there are numerous other insurance covers like Liability Insurance, Motor Insurance, etc. that cover multiple aspects depending on the nature of business of an MSME business While there is a rise in awareness about insurance, MSMEs are gradually understanding the importance of insurance as a risk mitigation tool because that is often the only saviour that helps them get back on their feet as quickly as possible, when adversity strikes, and the pandemic has made this more evident than ever before. This article is authored by Anand Pejawar, Deputy Managing Director at <keyword id="6400643" type="General" weightage="80" keywordseo="sbi-general-insurance" source="Orion">SBI General Insurance</keyword>. The opinions expressed are those of the author and do not necessarily reflect the views of Business Insider India.

MSMEs run on promoter’s savings and need insurance as much as other businesses

<keyword id="20190045" type="General" weightage="20" keywordseo="Industry-body" source="keywords">Industry body</keyword> <keyword id="21568150" type="General" weightage="20" keywordseo="SME-Chamber-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="SME Chamber of India" meta.hostid="261" meta.entityid="SME Chamber of India">SME Chamber of India</keyword> has urged <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> to continue the 45-day <keyword id="21233021" type="General" weightage="100" keywordseo="MSME-payment-rule" source="keywords">MSME payment rule</keyword> for <keyword id="20008810" type="General" weightage="20" keywordseo="corporates" source="keywords">corporates</keyword> and other buyers. According to Section 43B(h) of the <keyword id="19936187" type="General" weightage="20" keywordseo="Income-Tax-Act" source="keywords">Income Tax Act</keyword>, introduced through the <keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">Finance</keyword> Act 2023, if a larger company does not pay an MSME on time -- within 45 days in case of written agreements -- it cannot deduct that expense from its taxable income, leading to potentially higher taxes. The government in last year's Budget added a new clause under Section 43B of the Income Tax Act to address the challenge of delayed payments faced by MSMEs in the country. "We are pursuing not to change the 45-day MSME payment rules imposed by the Department under the pressure of corporates or multinational companies to save the life span of the MSME sector. Section 43B(h) of the Income Tax Act reinforces the importance of timely payments by mandating that companies settle payments to MSME vendors within 45 days to qualify for deductions," SME Chamber said in a statement addressed to Sitharaman. The industry body argued that this provision serves as a powerful incentive for companies to adhere to payment timelines, thereby supporting the financial health of MSMEs. "Many MSMEs are NPA victims of corporates, who are buying from them and not dealing through the TReDs platform. Most of the corporates and multinational companies are forcefully insisting to deregister from the Udyam Portal and insisting not to deal through the TReDs platform," SME Chamber stated. The industry body also urged the finance minister to consider providing Rs 5 crore loans under the "Differential Rate of Interest" scheme for micro and <keyword id="20569966" type="General" weightage="20" keywordseo="small-enterprises" source="keywords">small enterprises</keyword>. It suggested changing the NPA definition from 90 days to 180 days for the MSME sector. The chamber also sought the setting up of a task force to review various issues, hurdles, grievances and difficulties faced by MSMEs for availing credit facilities and the lack of approach by the financial institutions towards enhancement of credit flow to the MSME sector.

Continue 45-day MSME payment rule: Industry body to Finance Minister Nirmala Sitharaman

The <keyword id="19900449" type="General" weightage="20" keywordseo="government" source="keywords">government</keyword> may relax the requirement of making payments to <keyword id="19910977" type="General" weightage="100" keywordseo="MSMEs" source="keywords">MSMEs</keyword> within 45 days of buying goods and services, to prevent large corporates from looking at other sourcing avenues, sources have noted. An announcement to this effect could be made in the Budget likely to be presented on July 23. The government is considering suggestions regarding changes to Section 43B(h) of the <keyword id="19936187" type="General" weightage="20" keywordseo="Income-Tax-Act" source="keywords">Income Tax Act</keyword> made by MSMEs during pre-budget consultations, sources said. The government, in last year's budget added a new clause under Section 43B of the Income Tax Act to address the challenge of delayed payments faced by MSMEs in the country. According to Section 43B(h) of the Income Tax Act, introduced through the Finance Act 2023, if a larger company does not pay an <keyword id="19990810" type="General" weightage="20" keywordseo="MSME" source="keywords" meta.keywordsubtype="org" meta.entityname="MSME" meta.hostid="261" meta.entityid="MSME">MSME</keyword> on time -- within 45 days in case of written agreement -- it cannot deduct that expense from its taxable income, leading to potentially higher taxes. MSMEs fear that due to this provision, large buyers could cold-shoulder MSME suppliers and start buying either from those MSMEs that are not registered with Udyam or from non-MSMEs. The amendment was brought in for MSMEs to get timely payment, but a lot of concerns were raised by them, sources said, adding that they feared that large corporate, in bid to safeguard their interest, can shift their sourcing requirement to bigger firms or ask their vendors to give up their MSME registration to do business with them. Earlier in May, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> had said the changes, if any, to the rule will have to be done in the full Budget in July under the new government as per the representations submitted by MSMEs. The MSME sector accounts for 30% of the country's gross domestic product (GDP) and the second largest employer after agriculture. The share of <keyword id="35090" type="General" weightage="20" keywordseo="Exports" source="Orion">exports</keyword> from products specified for MSMEs constituted 45.56 % of the country's total exports.

Govt may relax 45-day payment rule for MSMEs in Budget 2024

<ul><li>The <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) has doubled the exposure threshold for MSMEs looking to apply for restructuring their business. </li><li>The limit was earlier locked in at ₹25 crore, but has been expanded to ₹50 crore in the latest iteration of the monetary policy. </li><li>However, only businesses that have not already exercised the option during the original Resolution Framework are eligible to apply.</li></ul>In a bid to provide some relief to the economy, the Reserve Bank of India (RBI) has increased the exposure threshold of micro, small and medium enterprise (MSMEs) to ₹50 crore for them to participate in its <keyword id="11381737" type="UNKNOWN" weightage="20" keywordseo="resolution-framework-2-0">Resolution Framework 2.0</keyword>. The second iteration of RBI’s restructuring offer was originally introduced in early May but was limited to small businesses with loans upto ₹25 crore. With the ceiling now doubled, MSMEs with a ‘standard’ classification — no defaults and no schemes to back it up — as of 31 March 2021 can approach the bank to help ease the parameters of repayment even if they have a bigger loan hanging overhead. Restructuring of a loan includes measures like extending the moratorium, increasing the tenure of the loan and other changes to terms of payments. “With a view of enabling a larger set of borrowers to avail of the benefits under Resolution Framework 2.0, it has been decided to expand the coverage of borrowers under the scheme by having the maximum aggregate exposure threshold from ₹25 crore to ₹50 crore for MSMEs, non-MSME small businesses and loans to individuals for business purposes,” RBI governor, Shaktikanta Das, told the press on June 4. <cmsannotation type="cmsannotation" annotationid="Why do MSMEs need their loans to be restructured?" comment="subhead" text="Why do MSMEs need their loans to be restructured?">Why do MSMEs need their loans to be restructured?</cmsannotation> The sale of consumer durables took a big hit during the second wave of COVID-19 in India while regional and state-wide lockdowns disrupted economic activity. While some believe that many businesses will not need to go in for restructuring as the second wave of COVID-19 in India subsides, but as things stand, lockdowns are still in effect in many parts of the country. "The availment of this restructuring scheme will not only ensure smooth flow of liquidity, at reasonable costs but will also benefit the MSME’s in long run by restructuring the account without classifying it as an NPA. Further, it will act as an opportunity for lenders like us to grant surplus financial support that will empower small and medium businesses (SMBs) to progress without obstacles,” Pallavi Shrivastva, co-founder of credit score evaluation company Progcap, said in a statement. The increase in the exposure threshold is also good news for banks, which can now try and save some of the clients on its balance sheets from going under. However, the caveat is the RBI mandate for MSMEs to be registered on the new Udyam portal. This severely restricts the numbers of businesses that can apply for restructuring. According to the Udyog Aadhaar Memorandum (UAM), India has an estimated 1.02 crore MSMEs. However, only 30 lakh are registered with the Udyam portal. In its bi-monthly monetary policy announcement, the RBI also decided to extend a special liquidity facility of ₹16,000 crore to the Small Industries Development Bank of India (<keyword id="6391656" type="UNKNOWN" weightage="20" keywordseo="Sidbi">SIDBI</keyword>) for refinancing through novel. "The impact will be visible in ensuring sustained credit flow in the real economy," said Shachindra Nath, executive chairmand managing director of small business lending fintech platform U GRO Capital. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/stocks-of-indian-hotel-companies-surge-after-rbi-announces-liquidity-boost/slidelist/83229613.cms">Stocks of Indian hotel companies surge after RBI announces liquidity boost</a> <a href="https://www.businessinsider.in/finance/news/gdp-growth-projection-revised-by-rbi-to-9-5-leaves-rates-unchanged/articleshow/83226348.cms">RBI leaves rates unchanged as it lowers GDP growth projection to 9.5%, targets 5.1% inflation</a>

MSMEs with bank loans due up to Rs.50 crore can get their loans restructured

<ul><li><keyword id="3293861" type="PERSON" weightage="20" keywordseo="Pratilipi">Pratilipi</keyword> has raised $48 million in a Series D funding round led by <keyword id="4998506" type="PERSON" weightage="20" keywordseo="pubg">PUBG</keyword> developer Krafton. </li><li>The duo will be working together to find stories that can be translated into gaming franchises. </li><li>The platform claims to have about 5 million stories which have been read over 5 billion times.</li></ul>Bengaluru-based storytelling platform Pratilipi has raised $48 million in a Series D funding round led by PUBG developer Krafton, as the startup looks to expand into overseas markets. The duo will be working together to find Pratilipi stories that can be translated into globally successful gaming franchises. The latest funding would allow Pratilipi to strengthen its intellectual property (IP) acquisition and development across different formats ranging from audio books to games. The company’s existing investors Omidyar and Network India also participated in the round, along with a host of entrepreneurs such as Unacademy’s founders Gaurav Munjal and Hemesh Singh, Locus’s Nishith Rastogi, Delhivery’s Sahil Barua and Meesho’s Vidit Aatrey. “With Pratilipi already having a multilingual platform for online literature, it is poised to become one of the strongest players in emerging markets in the future. Krafton believes in long term potential of local Indian IPs that can be successful not just in India, but globally as well across formats including literature, comics and gaming and our investment in Pratilipi is another step in realising that vision,” Sean Hyunil Sohn, head of Krafton’s India division. Last year, Krafton had announced its plans to invest $100 million in Indian startups to cultivate the local video game, esports, entertainment, and IT industries. Since then, it has invested <a href="https://www.businesstoday.in/latest/corporate/story/mumbais-loco-gets-9-million-funding-pubg-parent-krafton-among-investors-299856-2021-06-28">$9 million</a> in Loco, <a href="https://markets.businessinsider.com/news/stocks/esports-firm-nodwin-gaming-raises-164-cr-of-equity-investment-from-south-korean-gaming-firm-krafton-1030161588">$22.5 million</a> in Nodwin and now led a $48 million round in Pratilipi. Udyam’s Mekin Maheshwari, NoBroker’s Amit Agarwal and Pratilipi’s chief executive Ranjeet Pratap Singh also invested an undisclosed amount in the company in their personal capacity. Avendus Capital acted as the exclusive financial advisor to Pratilipi on this transaction. Pratilipi was founded by Prashant Gupta, Sahradayi Modi, Rahul Ranjan, Sankaranarayanan Devarajan and Singh in 2015. It had started off as an online reading-writing platform and has launched two new products over the years — <keyword id="11642607" type="UNKNOWN" weightage="20" keywordseo="pratilipi-fm">Pratilipi FM</keyword> for audio based storytelling and <keyword id="11637893" type="UNKNOWN" weightage="20" keywordseo="pratilipi-comics">Pratilipi Comics</keyword> for in-house comic series. It has also acquired two startups -- IVM Podcast and The Writer Order to expand its presence. The Bengaluru-based startup has over 370,000 writers on the platform and 30 million monthly active readers in 12 Indian languages. The platform claims to have about 5 million stories which have been read over 5 billion times. Pratilipi has raised $78.8 million to date, with ₹76 crore ($10 million) coming in from the Series C round raised in April 2020. The company’s list of investors also includes Tencent, Shunwei Capital, Bennett Coleman and Co Ltd, Nexus Venture Partners and others. SEE ALSO <a href="https://www.businessinsider.in/business/corporates/news/infosys-is-worried-about-losing-its-it-talent-to-indias-unicorns/articleshow/84411946.cms">Infosys has a new headache — India’s unicorn boom</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-hires-over-20000-in-june-quarter-its-highest-ever-quarterly-addition/articleshow/84240423.cms">TCS has loaded up half a million peeps as it expects many to move on</a> <a href="https://www.businessinsider.in/business/corporates/news/baba-ramdev-and-patanjali-owned-ruchi-soya-wants-to-raise-money-from-the-market-again/articleshow/83485308.cms">Baba Ramdev and Patanjali-owned Ruchi Soya wants to raise money from the market again</a>

PUBG developer Krafton is going to help Indian storytelling platform Pratilipi to turn a few stories into games

<ul><li> Eight-year old <keyword id="2589674" type="General" weightage="20" keywordseo="sheroes" source="Orion">Sheroes</keyword> started lending, only to women, via its digital bank called <keyword id="12806215" type="General" weightage="20" keywordseo="mahila-money" source="Orion">Mahila Money</keyword> six months ago.</li><li>Chahal wants to scale this venture to 10 million more women by 2022.</li><li>Chahal recounts the challenges and how she plans to overcome them in an exclusive interview with Business Insider.</li><li>Check out our <a href="https://www.businessinsider.in/bi-newsletter">weekly explainers</a> on the hottest topics and <a href="https://www.businessinsider.in/newsletters_signup.cms">sign up</a> if you like them.</li></ul>Delhi-based women-only social network Sheroes is now expecting to go big in the lending space by providing small business loans to female micro-entrepreneurs in India. The eight-year-old company set up a new neobank, named Mahila Money, six months ago to offer loans as well as financial services to women. It is a separate entity, with a separate team, to scale it faster with sharp focus. The company currently offers small loans at an average ticket size of ₹50,000 and it goes up to ₹500,000 to yoga coaches, tuition teachers, social commerce sellers, beauty parlour owners, and boutiques owners. Simply put, Neobanks are digital only banks, without any physical branches. You can read more about it <a href="https://www.businessinsider.com/neobank-threat-against-incumbent-banks-growing-2021-9">here</a>. While founder Sairee Chahal started out with some ambitious goals, Mahila Money has managed to lend to 200 women in the last quarter. She noted that the people borrowing on Sheroes' Mahila Money have never borrowed capital from the formal market before and that is majorly due to lack of options available for female entrepreneurs. One of the biggest hurdles in the segment has been the lack of trust. “Trust is a major, major thing. No woman, no one wants somebody landing up on their doorstep or somebody calling their family or relatives to get loan recovery” Chahal said in an interview. The whole space for small loans has been stained by the unregulated players, many of whom act unethically to recover their loans. An issue that even the Reserve Bank of India (RBI) has been <a href="https://www.businessinsider.in/finance/banks/news/rbi-warns-people-against-unauthorized-digital-lending-apps-that-promise-quick-loans/articleshow/79919474.cms">worried about</a>. Even those who need loans have been scarred and many a time wary of even the legitimate players like Sheroes. But trust can get you a foot in the door. There are many other challenges along the way. The traditional lending system leaves out a major chunk of the Indian population who do not have a credit score. Women were at the deep end of this pool since they neither had any asset or credit score to borrow capital on. Women have to rely on other male members of the family to finish up the loan process since they don’t own any assets under their name and it is quite discouraging for them, Chalal explained. To beat this challenge, and to identify women who can likely repay loans, Mahila Money looks at 100 new data points including their understanding of the business, behavioral data, social data, transaction data, and social capital among others, Chahal added. <div type="image" title="After six months of lending, Sheroes realizes how big of a task it is" msid="88476585" hostid="261"></div> It is still a tough task. So, Chahal has partnered with organisations that work closely with these women. In order to build that trust Mahila Money has partnered with 60 women-focused organizations — Empower Foundation, Udyam Foundation, Seva Foundation, beauty parlour associations —, which have close to 1 million members. These organizations redirect their members to Mahila Money at the time of need and help in the underwriting process as well. The company aims to connect with 3000-4000 such organisations, with close to 10 million members, by the end of 2021. This is in addition to the 22 million women that are registered on the Sheroes app for employment, entrepreneurship or simply to engage in a community. This is still a huge opportunity. According to a <a href="https://www.indiaspend.com/uploads/2021/02/20/file_upload-417397.pdf">report</a> by International Finance Corporation, a member of the World Bank, India ranks third-highest in entrepreneurship gender gap across the world and the lack of capital is a major reason behind it. Another report<a href="https://www.mckinsey.com/featured-insights/gender-equality/the-power-of-parity-advancing-womens-equality-in-india-2018"> published</a> by Mckinsey Global Institute in 2018 added that India can increase its gross domestic product (GDP) upto 60% by 2025 through equal participation of women in the labor force. This would need an additional $700 million to $7.9 trillion. Chahal wants to scale this venture to 10 million more women by 2022, from the current customer base of 200. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/shares-of-data-patterns-list-at-864-while-the-shares-were-allotted-at-585per-share/articleshow/88467078.cms" data-type="tilCustomLink">Data Patterns beats GMP and lists at 40% premium</a> <a href="https://www.businessinsider.in/stock-market/news/data-patterns-lampt-finance-indigo-spicejet-and-other-stocks-to-watch-out-for-on-december-24/slidelist/88465282.cms">Data Patterns, L&amp;T Finance, IndiGo, SpiceJet and other stocks to watch out for on December 24</a> <a href="https://www.businessinsider.in/stock-market/news/ipo-bound-xiaomi-phone-maker-in-india-faces-tough-challenge-from-a-prowling-samsung/articleshow/88450732.cms">IPO-bound Xiaomi phone maker in India faces tough challenge from a prowling Samsung</a>

INTERVIEW: After six months of lending, Sheroes founder explains how tough it is

The government has merged the Department of <keyword id="108214" type="CITY" weightage="20" keywordseo="Public-Enterprises">Public Enterprises</keyword> (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the <keyword id="44532" type="PERSON" weightage="20" keywordseo="Disinvestment">disinvestment</keyword> ministry - created under the Atal Bihari Vajpayee government - was merged with the Finance Ministry and is now a department under it. Also, <keyword id="62529" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Investment-Promotion-Board">Foreign Investment Promotion Board</keyword> (FIPB) was abolished and administration of foreign investments was given to the Finance Ministry (FinMin). The shift of DPE to the finance ministry will help in efficient monitoring of the capital expenditure, asset monetisation and financial health of the Central Public Sector Enterprises (CPSEs). "<keyword id="156153" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-Finance">Ministry of Finance</keyword> (<keyword id="11588398" type="UNKNOWN" weightage="20" keywordseo="vitta-mantralaya">Vitta Mantralaya</keyword>), after the sub-heading (v) Department of <keyword id="6354241" type="UNKNOWN" weightage="20" keywordseo="Financial-services">Financial Services</keyword> (Vittiya Sewayen Vibhag), following sub-heading shall be inserted, namely:- (vi) Department of Public Enterprises (Lok Udyam Vibhag)" as per the Cabinet Secretariat notification dated July 6, 2021. The rejig comes ahead of Cabinet expansion slated later in the day. The gazette notification issued said these rules may be called the government of India (Allocation of Business) Three Hundred and Sixty First Amendment Rules, 2021. "They shall come into force at once," the notification said. Presently, the finance ministry has five departments -- Economic Affairs, Revenue, Expenditure, Investment and Public Asset Management and Financial Services. With the addition, this will be the sixth department under the finance ministry. Giving details of the functions performed by the DPE, the notification said coordination of matters of general policy affecting all Public Sector Enterprises (PSEs), evaluation and monitoring the performance of PSEs, including the memorandum of understanding mechanism, review of capital projects and expenditure in CPSEs. Besides, the DPE frames measures aimed at improving performance of CPSEs and other capacity building initiatives of PSEs, rendering advice relating to revival, restructuring or closure of PSEs including the mechanisms, counselling, training and rehabilitation of employees in CPSEs under Voluntary Retirement Scheme and categorisation of CPSEs including conferring 'Ratna' status, among others. The heavy industries ministry will continue to be the administrative ministry related primarily to the capital goods sector. As many as 44 CPSEs including Maruti Udyog Limited, BHEL, Cement Corporation, <keyword id="173465" type="CITY" weightage="20" keywordseo="Scooters-India">Scooters India</keyword>, HMT and various other subsidiaries would be under the Ministry of Heavy Industries. Many companies under the ministry are sick and up for sale under the disinvestment programme of the government. Finance minister Nirmala Sitharaman in her Budget 2021-22 already announced that a revised mechanism for fast-tracking closure of loss making PSUs would be worked out and an incentive package would be developed to incentivise states to sell stake in state PSUs. To monetise lands owned by CPSEs, a special purpose vehicle (SPV) would be developed. She also announced a big-ticket privatisation agenda, including privatisation of two public sector banks and one general insurance company to garner Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions during 2021-22. As part of the divestment strategy for the financial sector, the government has decided to go for a mega initial public offering (IPO) of Life Insurance Corporation of India (LIC) and residual stake sale in IDBI Bank during the financial year beginning April. Besides, strategic sale of Bharat Petroleum Corporation Ltd (BPCL), <keyword id="11588399" type="UNKNOWN" weightage="20" keywordseo="shipping-corp-container-corporation">Shipping Corp, Container Corporation</keyword>, <keyword id="2459265" type="PERSON" weightage="20" keywordseo="Neelachal-Ispat-Nigam-Ltd">Neelachal Ispat Nigam Ltd</keyword>, <keyword id="132488" type="COMPANY" weightage="20" keywordseo="Pawan-Hans">Pawan Hans</keyword>, Air India among others, would be completed in 2021-22. In September 2020, the government had apprised that out of the 34 PSUs approved for disinvestment so far, transactions were completed for eight. Transactions for four PSUs were halted as they are recommended for closure. Two of them were held up due to litigation, while transactions for 20 PSUs are in the process. SEE ALSO- <a href="https://www.businessinsider.in/stock-market/news/clean-science-and-technology-ipo-maximum-broking-house-recommending-this-ipo/articleshow/84193873.cms" data-type="tilCustomLink">Clean Science and Technology, an Indian supplier to Bayer, has opened its IPO ⁠— and ‘subscribe’ is the unanimous call from analysts</a> <a href="https://www.businessinsider.in/stock-market/news/gr-infraprojects-ipo-good-ipo-bet-for-long-term-as-per-analysts/articleshow/84193656.cms" data-type="tilCustomLink">GR Infraprojects IPO is for long term investors, say analysts</a>

Government merges the Department of Public Enterprises with the Finance Ministry to bring better control over state-owned firms

<ul><li><keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> will only consider retail loans with a minimum outstanding of ₹25,000 for one-time structuring. </li><li>Defaulters will have to prove a dip in their income during the COVID-19 months. </li><li>Here’s how you can check your eligibility and apply for HDFC Bank’s retail loan restructuring. </li></ul>After the State Bank of India (<keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword>) revealed its terms and conditions for retail loan structuring, India’s largest private sector bank has also come forward with its guidelines. HDFC Bank has set a minimum outstanding limit at ₹25,000 for restructuring retail loans. As per the Reserve Bank of India’s (RBI) notice, only loans that had begun to default after 1 March 2020 will be eligible for the scheme. Just as with <a href="https://www.sbi.co.in/">SBI</a>, applicants will be reviewed based on documents and information provided — like the customer’s repayment track record, responses given while claiming moratorium, and other insights. Both banks are also offering to extend the balance tenure of the loan by a maximum of 24 months. The aim is to ascertain a drop in cash flow during the COVID-19 months. If that is the case, HDFC Bank will then ‘assess the viability’ of the customer to pay the restricted EMIs before final approval can go through. How to apply for HDFC Bank’s retail loan restructuring <ul><li>Visit the bank’s <a href="https://www.hdfcbank.com/personal/pay/payment-solutions/loan-repayment/faqs-on-restructuring-scheme-of-rbi">official website</a> or get in touch with your relationship manager to file an application. </li><li>Salaried customers will need to provide salary slips or bank statements as proof of employment</li><li>Self-employed individuals will need to provide GST, income tax returns, and Udyam certificate. </li></ul>Once the loan is restructured, it will be reported as such to the credit bureau. While HDFC Bank has not specified any increase in interest as a result of the reclassification but did say, “The bank may levy a fee if you choose to restructure your loan.” SBI customers will have to pay an additional 0.35% interest annually. Loans not eligible for restructuring at HDFC Bank: <ul><li>Loans agricultural purposes and classified as agricultural loans by the bank </li><li>Agricultural credit societies </li><li>Financial service providers </li><li>Central, State, and local government bodies </li><li>HDFC Bank employees </li><li>Exposures to housing finance companies which have already been rescheduled </li></ul>SEE ALSO:<a href="https://www.businessinsider.in/careers/news/yes-bank-is-hiring-again-for-the-coming-year-after-workforce-shrinks-by-1000-since-march/articleshow/78287419.cms">EXCLUSIVE: YES Bank's workforce shrank by 1,000 employees since March but now it's hiring again for the coming year</a> <a href="https://www.businessinsider.in/tech/apps/news/instagram-reels-new-update-allows-longer-videos-doubles-the-length-of-the-clips-you-can-upload/articleshow/78288158.cms">Instagram Reels' new update allows longer videos — doubles the length of the clips you can upload</a> <a href="https://www.businessinsider.in/science/space/news/the-first-ever-supermassive-black-hole-to-be-captured-on-camera-has-a-wobbly-shadow/articleshow/78290040.cms">The first-ever supermassive black hole to be captured on camera has a wobbly shadow</a>

You Searched For "udyam" and got 9 results

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