A total of 597 deals, amounting to $30 billion, were reported in Jul-Sep, reflecting the upbeat market sentiments, according to Grant Thornton Bharat Dealtracker.
The quarter also witnessed the highest number of IPO issues in over a decade, with 18 issues amounting to $5 billion. There has been an 86% increase in deals, compared with a year ago amid the subsiding COVID-19 and rise in daily inoculations.
The sustained economic growth is due to the rapid expansion in the services sector and accelerated manufacturing activities.
Mergers and acquisitions
M&A deals were valued at $12.8 billion for Jul-Sep, a 10% fall compared with a year ago. The dip in deal values was due to the absence of high-value deals.
The IT sector dominated the M&A deal values, followed by banking and financial services, of which two major deals accounted for over 52% of the total M&A values in Jul-Sep.
PE deals witnessed a robust growth in Jul-Sep, with an all-time high deal activity in volumes and values at $17.1 billion, across 486 investment rounds. Startups claimed a major share in deal volumes at 64%, according to the report.
Both volumes and values saw twice the increase compared with Jul-Sep last year. Compared with the previous quarter, volumes were up by 44% and values saw a strong 24% growth.
Startups claimed a major share in deal volumes at 64%, while e-commerce led in deal values with 30% share, followed by IT, banking, telecom, and others.
Despite the impact of the COVID-19 pandemic, the country witnessed a record number of IPOs this year , with 42 issues amounting to $10.3 billion.
Jul-Sep recorded the highest number of issues in any given quarter, since 2011, with 18 issues amounting to $5 billion. The quarter saw only seven QIP fundraises, reflecting a trend reversal in 2021, compared with 2020 when QIPs dominated the market, the report said.
Indian Mutual Funds market AUM has recently crossed over Rs 36 lakh crores. Average Assets Under Management (AAUM) of the Indian Mutual Fund Industry for the month of August 2021 stood at Rs 36,09,471 crore. Assets Under Management (AUM) of the Indian Mutual Fund Industry as on August 31, 2021 stood at Rs 36,59,445 crore.
The Mutual Fund segment as an investment arena has seen a great rally in the past 1.5 years. Noteworthy, there are mutual funds that have given more than 100% returns in this rally.
Now, when Nifty is approaching 18k level and Sensex has already breached the 60k mark for the first time ever, there is a fear of losing previous returns. Mutual Funds/SIPs investors have a valid concern in the mind – To stay invested in the market or not. Here are some techniques you can follow in such high volatile market:-
Strategies to adopt
1. Rebalance portfolio with Dynamic Asset Allocation (Balanced Advantage) Funds:
Dynamic Asset helps reduce downside risk by diversifying your investments. It tracks the performance of all asset classes and reduces allocation from overvalued assets, and allocates at the time of reasonable pricing.
2. Invest through SIP mode:
The SIP method helps you to buy more units when the market is down, which helps in averaging the price.
3. Invest through STP instead of Lump sum:
If you want to invest in the market with a lump sum mode, it’s always preferred to invest through the Systematic Transfer Plan (STP) model. Through STP, your funds are parked in the debt market and invest in the equity market in some installments, which helps to beat volatility.
4. Stay invested in Goal-Oriented Investment:
If you have invested your money for the long term, which is linked to any goal and its investment period is more than 10 years, you can stay invested in it, because irrespective of market level, the equity market has never given negative returns in 10 years.
The MF Industry’s AUM had crossed the milestone of Rs 10 Lakh Crore for the first time in May 2014 and in a short span of about three years, the AUM size had increased more than two folds and crossed Rs 20 Lakh Crore for the first time in August 2017. The AUM size crossed Rs 30 Lakh Crore for the first time in November 2020.
Mutual fund industry crosses 10 crore folios
The mutual fund industry had crossed a milestone of 10 crore folios during the month of May 2021.
The total number of accounts (or folios as per mutual fund parlance) as of August 31, 2021 stood at 10.86 crore (108.6 million), while the number of folios under Equity, Hybrid and Solution Oriented Schemes, wherein the maximum investment is from retail segment stood at about 8.95 crore (89.5 million).
Authored by – Mr. Ravi Singhal, Vice- Chairman, GCL Securities Limited
It is in this background that the RBI has conceptualised the scale-based regulatory framework.
As the non-banking financial company (NBFC) sector increases in size and complexity, there is regulation needs to address the systemic risks arising out of it, Reserve Bank of India’s (RBI) deputy governor M Rajeshwar Rao said on Friday. Referring to the central bank’s proposal to apply scale-based regulation to NBFCs, Rao said that NBFCs must keep the customer at the centre of all innovation and address concerns around governance.
“While we are aware that differential regulation in the NBFC sector is required to allow it to bridge the gap in last mile connectivity and exhibit dynamism, this premise remains valid till the time their scale of operations is low. As and when they attain the size and complexity which poses risk for the financial system, the case becomes stronger for greater regulatory oversight,” Rao said during a virtual event organised by the Confederation of Indian Industry (CII).
It is in this background that the RBI has conceptualised the scale-based regulatory framework. Such a framework, proportionate to the systemic significance of NBFCs, may be the optimal approach where the level of regulation and supervision will be a function of the size, activity, and riskiness of NBFCs, Rao said. As regulations would be proportional to the scale of NBFCs, they would not impose undue costs on the regulated entities (REs). “While certain arbitrages that could potentially have adverse impact would be minimised, the fundamental premise of allowing operational flexibility to NBFCs in conducting their business would not be diluted,” Rao said.
The deputy governor observed that there has been a consistent and conscious understanding that a one-size-fits-all approach is not suitable for the NBFC sector, which includes a diverse set of financial intermediaries with different business models serving a heterogenous group of customers and exposed to different risks.
Rao cautioned that no innovation should come at the cost of prudence and it should not be designed to cut corners around regulatory, prudential and disclosure requirements. “Responsible financial innovation should always have customer at its centre and should be aimed at creating positive impact on the financial ecosystem and the society. One should therefore consider the impact of new ideas on the financial fabric at the conceptualisation stage itself,” he said.
The deputy governor referred to the surge in digital credit delivery during the pandemic and said that while the benefits accruing from digital financial services is not a point of debate, the business conduct issues, and governance standards adopted by such digital lenders have shaken the trust reposed in digital means of finance in India. “We were and are inundated with the complaints of harsh recovery practices, breach of data privacy, increasing fraudulent transactions, cybercrime, excessive interest rates and harassment,” Rao said.
He added that governance is more of a cultural issue than a regulatory issue. Therefore, NBFCs must create a culture of responsible governance where every employee feels responsible towards the customer, organisation and society. “Good governance is key to long-term resilience, efficiency and might I add, survival of the entities,” he said.
Prashant Kumar, MD & CEO, said, “This quarter, we have also seen a growth in the corporate and SME segments, post several quarters of de-growth.”
Yes Bank on Friday reported a 74% year-on-year increase in its net profit to Rs 225 crore for the September quarter, helped by a lower provisioning burden and higher non-interest income.
The bank’s net interest income fell 23% YoY to Rs 1,512 crore while other income rose 30% to Rs 778 crore. The net interest margin, a key measure of profitability, rose 10 basis points (bps) sequentially to 2.2%.
Provisions were down 65% at Rs 377 crore. Yes Bank made provisions worth Rs 336 crore against a single telecom exposure, understood to be Vodafone Idea, with the aggregate coverage working out to 10%. The provision coverage ratio fell to 78.9% from 79.3% at the end of June. The cumulative provisions stood at Rs 25,248 crore in September 2021, down from Rs 26,198 crore at the end of June.
The advances book rose 3.5% YoY to Rs 1.73 lakh crore as on September 30. Retail and micro, small and medium enterprises advances accounted for 54% of the loan book, against 53% a quarter ago. The management held on to its guidance for advances growth of over 15% in FY22, led by a 20% growth in the retail and SME book.
Prashant Kumar, MD & CEO, said, “This quarter, we have also seen a growth in the corporate and SME segments, post several quarters of de-growth.”
Deposits stood at Rs 1.77 lakh crore at the end of September, up 30% YoY. The current account savings account (CASA) ratio stood at 29.4% in Q2FY22, up from 24.8% a year ago.
The bank saw fresh slippages worth Rs 1,783 crore during Q2, with Rs 750 crore coming from the corporate book. The management said retail slippages were as a result of stress related to Covid, and collection efficiency trends are now showing an improvement.
Cash recoveries stood at Rs 987 crore and upgrades were to the tune of Rs 969 crore. The gross NPA ratio fell 63 bps sequentially to 14.97% and the net NPA ratio fell 23 bps to 5.55%. The bank has guided for cash recoveries and upgrades worth over Rs 5,000 crore in FY22.
The capital adequacy ratio as per Basel III stood at 17.6% as on September 30. The common equity tier-I (CET-I) ratio was at 11.5%.
Shares of Yes Bank’ ended lower 4.12% at Rs 13.73 on the BSE.
This company from the plastics industry during its announcement made today (October 22, 2021) announced and approved issuance of bonus shares in the proportion of 2 (Two) equity share of Rs. 10/- each for every 1 (One) Equity Shares of Rs. 10/- each held by the shareholders of the Company as on the record date, subject to the approval of members and other approvals, consents, permissions, conditions and sanctions, as may be necessary.
This Small Cap Plastics Company Announces 2:1 Bonus Issue
Apollo Pipes in a BSE filing said that the the Board of Directors of the Company at its meeting held on October 22, 2021, inter alia, has considered and approved the following;
– Recommendation of issue of bonus equity Shares in the proportion of 2 (Two) equity share of Rs. 10/- each for every 1 (One) Equity Shares of Rs. 10/- each held by the shareholders of the Company as on the record date, subject to the approval of members and other approvals, consents, permissions, conditions and sanctions, as may be necessary.
The company’s last trading price has been Rs. 1859.60 per share. The stock’s 1 year return has been at 353% while its year to date return has also been impressive at 162 percent.
The company’s peer companies are Nahar Poly Film, PPL, Sintex Plastics etc.
Apollo Pipes is a leading PVC pipe manufacturing company that is into offering pipes & fittings, or bathroom fittings or water storage solutions. The company has established presence in most of the sectors including Plumbing, Sanitation, Water Supply, Infrastructure, Agriculture Oil & Gas, and Construction.
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Story first published: Friday, October 22, 2021, 21:20 [IST]
Suryoday Small Finance Bank is offering the highest interest rate of 7.00 percent to the general public and 7.30 percent to senior persons on deposits of less than Rs 2 crore maturing in 2 to 3 years. Here are the bank’s current fixed deposit rates, which are effective as of September 9, 2021.
Tenure
Regular Interest Rates (Per annum)
Senior Citizen Rate (Per Annum)
7 days to 14 days
3.25%
3.25%
15 days to 45 days
3.25%
3.25%
46 days to 90 days
4.25%
4.25%
91 days to 6 months
4.75%
4.75%
Above 6 months to 9 months
5.25%
5.25%
Above 9 months to less than 1 Year
5.75%
5.75%
1 Year to 1 Year 6 Months
6.50%
6.75%
Above 1 Year 6 Months to 2 Years
6.50%
6.75%
Above 2 Years to less than 3 Years
6.25%
6.50%
3 Years
7.00%
7.30%
Source: Bank Website
Jana Small Finance Bank
Another bank, Jana Small Finance Bank, is providing ordinary people an interest rate of 6.50 percent and senior citizens an interest rate of 7.00 percent on deposits maturing in 2 to 3 years. Here are the bank’s latest fixed deposit rates, which are effective from 07.05.2021, for deposits of less than Rs 2 crore.
Tenure
Regular Interest Rates (p.a)
Senior Citizen Rate (p.a)
7-14 days
2.50%
2.50%
15-60 days
3.00%
3.50%
61-90 days
3.75%
4.25%
91-180 days
4.50%
5.00%
181-364 days
5.50%
6.00%
1 Year[365 Days]
6.25%
6.75%
> 1 Year – 2 Years
6.50%
7.00%
>2 Years-3 Years
6.50%
7.00%
Source: Bank Website
North East Small Finance Bank
North East Small Finance Bank is presently giving a 6.75 percent interest rate to ordinary customers and 7.25 percent to senior people on deposits maturing in 730 days to less than 1095 days. Here are the bank’s current rates for deposits of less than Rs 2 crore, effective from April 19, 2021.
Tenure
Regular Interest Rates In % (p.a)
Senior Citizen Rate In % (p.a)
7-14 Days
3
3.5
15-29 Days
3
3.5
30-45 Days
3
3.5
46-90 Days
3.5
4
91-180 Days
4
4.5
181-365 Days
5
5.5
366 days to 729 days
6.75
7.25
730 days to less than 1095
6.75
7.25
Source: Bank Website
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank is providing an interest rate of 6.50 percent to the general public and 7.00 percent to senior citizens on deposits maturing in 2 years and 1 day to 3 years. The interest rates for domestic and NRO fixed deposits of less than Rs 2 crore, effective from August 16, 2021, are mentioned below.
Tenure
Regular Interest Rates In % (p.a)
Senior Citizen Rate In % (p.a)
7 Days to 29 Days
2.90%
3.40%
30 Days to 89 Days
3.50%
4.00%
90 Days to 179 Days
4.25%
4.75%
180 Days to 364 Days
4.75%
5.25%
1 Year to 2 Years
6.00%
6.50%
2 Years and 1 Day to 3 years
6.50%
7.00%
Source: Bank Website
RBL Bank
On deposits maturing in 24 months to less than 36 months, RBL Bank is now offering a 6.00 percent interest rate to the general public and 6.50 percent to senior people. With effect from 1st September 2021, the bank has revised its interest rates which are as follows.
Government has increased the FDI cap in general insurance companies
By Siddharth Acharya
The recent times, particularly after February – March 2020, have changed the world in so many ways we could not have imagined. COVID-19 brought about human suffering, pain and agony in ways that most humankind could not have ever visualized. It can be counted as a black swan event, if there ever was one. One of the most affected sectors has been the insurance sector. The COVID-19 pandemic has resulted in a massive number of health claims. Already, the Indian insurance industry was passing through challenging times. A market that was restricted in structure for many decades was opened up for international players by the turn of the last century. The last two decades, however, have not been able to produce the kind of high growth and penetration as was expected. The enthusiasm of international players to enter also has been tepid.
There would be many reasons for this ‘slower than expected’ growth. But a key one is how the leading insurance players from overseas saw the future of the Indian market. The idea was that time tested products, distribution methods and operational techniques would deliver results. This was perhaps not the case. Missing the pulse of the Indian market and the omission to adapt products and processes to gel well with the Indian context contributed to the market not doing as good as it could have. It also affected the enthusiasm of new players to come in.
Recently, the Government has increased the FDI cap in general insurance companies to 76% with a view to provide a fillip to the Indian Insurance Sector. Many foreign insurance players now have adequate opportunities to enter into the Indian Insurance Sector and acquire controlling stakes in Indian Insurance Companies. India – an interesting challenge every market is different and needs different treatment. However, the scenario in the Indian market is a bit more complex. Here we have a relatively under penetrated market with a very large potential, operating in a complex and sub-optimal environment. We have striking contrasts like low per capita income, but very high mobile penetration. Such parameters are not observed in other markets. So transplanting external solutions may not yield good results. With a penetration of less than 4% India offers a tremendous opportunity to grow.
However, the access to the consumers is an area which poses a major challenge. Traditional channels may not really work well and technology innovation would play a key role in solving the puzzle here.
Another dimension of the Indian market which makes it interesting is the range of risks that are offered for insurance – bicycle to satellite! The array of products required to offer meaningful and effective coverage requires thought and innovation. This aspect stretches the abilities of the insurers to the maximum. Overall, the status of the industry and the avenues of growth in the Indian market make the demands of the Indian market specific to products and distribution. It calls for deep domain expertise at the leadership levels.
The challenges before the board of the companies are also very different compared to that of other markets and industries. For any organization it is absolutely critical to get the right leadership at the top to guide it ahead. Board of directors, as the top leadership of a company, assumes tremendous importance in this context. Constituting a board with the right combination of skills is half the job done well. The Board of any company would collectively determine the fortunes of the organization, driven strongly by the background and perspectives of individual members. So, deciding the mix of profiles that would need to go into the board is a defining decision. Traditional wisdom and many research findings point to the need to have good diversity in the profile of members of the board.
This is to harvest wide skill-sets and provide overall guidance and direction to the company. As the board needs to operate on a wide range of activities from strategic direction to high level operating leadership, having members with complementing backgrounds is essential.
We can find several reports and studies advocating the need for diversity. It is important that we understand and evaluate the generic reports on board constitution with specific industry context while looking at specifics. From that perspective, the insurance industry in India may need a slightly different treatment compared to the generic principles of board constitution. A quick look at insurance players in the Indian market gives us a picture of boards constituted with experts from various financial services and other fields. There is a clearly visible tendency to staff the board with nominee members of the owners, investors and so on.
We often find that the presence of insurance industry experts is quite limited. This limits the growth potential or trajectory of the Insurers. Perhaps, some parallels can be drawn from guidelines / regulations drawn up by regulators in other financial sectors. The RBI, for e.g., has drawn up guidelines providing for banks to have a large number of independent directors. Such guidelines further provide for the Chair of the Board to be an independent director. Similarly, such guidelines also provide that various important committees of the Board are also constituted by and are chaired by independent directors. This ensures adequate corporate governance at the board level at all times. It is not that the Insurance regulator in India has not taken steps in this regard – they have issued guidelines for corporate governance for insurers in India. These however need some reforms. With the changing environment, it is time that the insurance regulator also needs to change with the times. The insurance companies would certainly benefit with the compulsory inclusion of domain experts in insurance and independent directors on their boards to steer them through challenging times.
At this critical juncture, insurers would need to carefully evaluate the constitution of their boards from the perspective of skills and expertise to counter the challenges discussed above. Attracting leading brains in the insurance domain for board level positions could be a productive move from the side of insurers. It is also the right time for companies to re-balance the board skills, by bringing in more insurance domain expertise. This will ensure the benefit, not only of the insurance companies, but also the customers and the industry at large.
(The author is a practicing advocate in Banking and Insurance Law and practices in the Supreme Court of India and National Company Law Tribunal and looks into various regulatory decisions of the government. He can be reached out at siddharthacharya90@gmail.com. Views expressed are personal and do not reflect the official position or policy of Financial Express Online.)
For non-senior citizens under the age of 60, SBI offers a Term Deposit plan where they can deposit a lump sum money to enjoy advantages like fixed returns, interest payout options, liquidity using either overdraft or premature withdrawal. One can open a fixed deposit account for a maturity term ranging from 7 days to 10 years with a minimum deposit of Rs. 1,000/- and subsequent deposits in multiples of Rs. 100/- with no upper limit. The account holder receives interest on a Term Deposit quarterly from the date of making an initial deposit or at maturity, including the principal amount.
In the event of Term Deposits with durations of twelve months or more, he or she can choose to receive interest payments on a monthly, half-annual, or yearly basis. SBI last updated its fixed deposit interest rates on January 8, 2021, and regular customers will now receive the following interest rates on deposits of less than Rs 2 Cr.
Tenors
Revised Rates In % For Public w.e.f. 08.01.2021
7 days to 45 days
2.9
46 days to 179 days
3.9
180 days to 210 days
4.4
211 days to less than 1 year
4.4
1 year to less than 2 year
5
2 years to less than 3 years
5.1
3 years to less than 5 years
5.3
5 years and up to 10 years
5.4
Source: SBI
SBI Wecare Deposit Scheme
SBI also provides a unique “SBI Wecare” Deposit scheme for the convenience of senior citizens aged more than 60 years, in which an additional rate of 30 bps over and above the standard 50 bps will be granted to Senior Citizen’s on their retail term deposit made for ‘5 Years and above’ tenor only.
The interest rate given to SBI employees and retirees will be 1.00 percent higher than the prevailing interest rate. The interest rate applicable to all Senior Citizens and SBI Pensioners aged 60 and up will be 0.50 percent higher than the rate paid to resident Indian senior citizens for all tenors, i.e. SBI resident Indian Senior citizens Pensioners will have 1% plus 0.50 percent interest benefits.
The applicable interest rates on SBI Wecare Deposits will be applicable to new deposits as well as renewals of maturing deposits. The “SBI Wecare” deposit scheme has been extended till March 31, 2022, according to a recent notification of SBI. Here are the latest interest rates on fixed deposits of less than Rs 2 Cr for senior citizens.
Tenors
Revised Rates In % for Senior Citizens w.e.f. 08.01.2021
7 days to 45 days
3.4
46 days to 179 days
4.4
180 days to 210 days
4.9
211 days to less than 1 year
4.9
1 year to less than 2 year
5.5
2 years to less than 3 years
5.6
3 years to less than 5 years
5.8
5 years and up to 10 years
6.2
Source: SBI
How To Open A Fixed Deposit Account Using SBI YONO App?
Depositors can open a fixed deposit account online using the SBI YONO app by following the steps outlined below.
Open the YONO SBI mobile banking app on your mobile phone and log in to your account either using User ID and Password or 6-digit MPIN.
Under the homepage, tap on ‘Deposits’ and under the ‘My Deposits’ section tap on ‘Fixed Deposits’.
Now tap on the option ‘Open Fixed Deposit’ and enter the amount that you want to deposit.
From the drop down menu, select your savings account from which you want to deduct the amount.
If you want to open a tax saving deposit account, tick on the box asking ‘Do you want your Fixed Deposit to be Tax Saver Fixed Deposit’.
Once you are done, tap on ‘Next’ to proceed further.
Now specify the tenure in years, months and days and then tap on ‘Next’.
Once you specify your deposit period, you will get the details of maturity date and applicable interest rate.
Now click on ‘Next’ and select the interest payout option i.e. Quarterly or at maturity.
Now specify what you want to do with the maturity amount by selecting an option from ‘Credit to account’ or ‘Renew principal and repay interest’.
Once you are done you will get a ‘Review Your Fixed Deposit’ page where you need to check all the entered details and tap on ‘Confirm’ by accepting the terms and conditions.
Upon confirming your application process, you will get a successful message on your mobile number registered with the bank.
Home Credit India, a local arm of the international consumer finance provider, has launched its festive campaign #UjjwalKaroFestival, and customers can avail cashback offers from their EMI cards.
Customers can buy products on Flipkart, Myntra, Makemytrip, Titan and other online platforms on EMIs with Home Credit Ujjwal (EMI) Card and get a cashback through Flexmoney upto Rs. 3000 on their purchases. They can avail offers while shopping at Home Credit partner stores as well.
The offer is valid on both online and offline platforms with products across consumer durables, like fashion, travel, jewellery etc.
Vivek Kumar Sinha, chief marketing officer at Home Credit India, said; “We have observed a huge change in consumer buying habits over these last two years with brands investing in partnerships to boost up the festive spirit.”
The campaign went live on its social media platforms including Facebook, Twitter, LinkedIn and YouTube, along with OTT platforms like Hotstar and SonyLIV.
As the economy revives, Mudra loans, or small-ticket loans up to Rs 10 lakh for entrepreneurs and small businesses, have made a comeback.
According to the latest data, Rs 1,17,332 crore has been disbursed as on October 15 in the current fiscal, as against Rs 85,000 crore, showing the trend of normalisation of the economy.
Total disbursals in 2020-21 had declined to Rs 3.11 lakh crore against Rs 3.29 lakh crore in the previous year.
While public sector banks are actively lending to small businesses, many private sector banks are cautious on the segment and lending, just to meet the priority sector norms.
Rise in NPAs
However, non-performing assets among such loans have also increased. In Maharashtra, public sector banks’ Mudra loan NPAs have risen to 32 per cent at June-end 2021, from 26 per cent a year ago.
SBI’s NPA on Mudra loans in the state is at 59 per cent as on June-end 2021, followed by Punjab National Bank at 44 per cent, Indian Bank at 33 per cent and Bank of Maharashtra at 31 per cent at June-end 2021.
In Jharkhand, Canara Bank’s Mudra NPAs are as high as 114.35 per cent and bad loans were Rs 183.63 crore, against the outstanding amount of loans at Rs 160.58 crore.
Among private sector banks, HDFC Bank’s Mudra loan NPAs in Jharkhand were at 26.21 per cent, followed by IDFC First Bank at 24.93 per cent.
Loan losses
Public sector banks have seen a sharp surge in the amount of Mudra loans turning into NPAs over the last three years. NPAs in Mudra loans had jumped to Rs 18,835 crore in 2019-20, from Rs 11,483 crore in 2018-19 and Rs 7,277 in 2017-18, according to finance ministry data.
Mudra loan disbursements by state-owned banks rose to Rs 3.82 lakh crore in 2019-20, from Rs 3.05 lakh crore in 2018-19 and Rs 2.12 lakh crore in 2017-18.
Banks and financial institutions have sanctioned Rs 14.96 lakh crore to over 28.68 crore beneficiaries in the last six years. The average ticket size of the loans is about Rs 52,000, it said.
Under Pradhan Mantri MUDRA Yojana, collateral-free loans of up to Rs 10 lakh are extended by Member Lending Institutions (MLIs) viz Scheduled Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Non-Banking Financial Companies (NBFCs), Micro Finance Institutions (MFIs) etc.
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