Shriram City Union Finance disburses highest ever loan worth Rs 1,022 cr in Nov, BFSI News, ET BFSI

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New Delhi, Dec 2 Shriram group’s two-wheeler financing arm Shriram City Union Finance disbursed the highest ever loans worth Rs 1,022 crore in November, the company said on Thursday. Shriram City Union Finance has disbursed the highest ever loans amounting to Rs 1,022 crore for 1.6 lakh two-wheelers in November 2021. This is the second consecutive November when the NBFC has crossed the Rs 1,000 crore disbursement mark, the company said in a release.

The Chennai-based non-banking finance company primarily caters to salaried and non-salaried buyers inclined towards the entry-segment two-wheelers, having the highest demand across categories.

“The attractive financing offers during the festive season have stood out as one of the key drivers, with an additional push by the increase in people movement and recovery in rural demand leading to elevated disbursements.

“With the increasing demand for Electric Vehicles (EVs), the NBFC foresees a rise in the average loan ticket size, which will help in touching new milestones,” Shriram City Union Finance said.

The growing demand and intuitive use of AI-powered lending interfaces have triggered mass adoption by consumers and channels, thereby creating a network effect in further adding volumes, the company said.

“Followed by their milestone of financing over one crore two-wheelers, Shriram City Union Finance is now the largest two-wheeler financer in the country, offering app-based lending, paperless receipt, and contactless loans,” it added.



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Union Finance Minister Nirmala Sitharaman inaugurated 12 developmental projects in Tripura, BFSI News, ET BFSI

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Union Finance Minister Nirmala Sitharaman inaugurated 12 developmental projects in Tripura. She reviewed the progress of Externally Aided Projects (EAP) worth Rs 7,719 crore.

The finance minister is on a two-day visit to Tripura. The state is implementing EAPs in the afforestation and livelihood, power transmission, water supply sectors and infrastructure development.

Tripura chief minister Biplab Kumar Deb tweeted, “Attended the Externally Aided Project’s review meeting with FM Smt. @nsitharaman Ji Deputy CM @Jishnu_Devvarma & other officials were present on the occasion These EAPs are important for the holistic development of the state and the betterment of the livelihood of its citizens”.

Tripura Chief Secretary Kumar Alok the finance minister reviewed the EAPs and appreciated the pace of implementation. Tripura might get more EAPs.

The finance minister inaugurated Rs 38.03 crore World Bank aided 132 KV electric sub-station besides Rs 20 crore worth three Surface Water Treatment plants funded by Asian Development Bank.

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FM promises Rs 1,300 crore development package for Tripura tribal areas, BFSI News, ET BFSI

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Union Finance Minister Nirmala Sitharaman on Friday promised that a Rs 1300-crore project for Sustainable Development and Infrastructure Development for Tripura‘s Tribal areas would be cleared within the next 10 days.

Addressing a meeting after inaugurating a slew of 11 projects at Mohanpur, about 50 km from here, Sitharaman said the Rs. 1300-crore project with World Bank funding would ensure an all-round development in the state’s tribal areas.

Tribals form one third of the state’s population. In recent elections to the Tripura Tribal Areas Autonomous District Council, the ruling BJP and its allies were trounced by the newly formed Tipraha Indigenous Progressive Regional Alliance led by a former royal, Pradyot Kishore Deb Barman, causing alarms about the future electoral prospects of the ruling alliance.

She also announced that two other projects worth over Rs 21 crore were cleared by the Centre on Friday morning itself. The two projects include- widening of state highways (Rs. 14.15 crore) and various works in the capital city (7.4 crore).

The Union Finance Minister, who arrived in Tripura on a two-day visit, besides inaugurating local projects worth Rs. 189 crore, also reviewed the status of on-going Externally-Aided Projects (EAPs).

Besides, Sitharaman the review meeting was also attended by Chief Minister Biplab Kumar Deb, Deputy Chief Minister Jishnu Dev Varma, Chief Secretary Kumar Alok and other senior officials.

According to a tweet from Sitharaman’s office, the EAPs include Project for Sustainable Catchment Forest Management in Tripura (funding by Japan Internal Cooperation Agency), Tripura Urban and Tourism Development Project (funded by Asian Development Bank) and North Eastern Region Power System Improvement Project (funded by World Bank). These projects are meant for overall development of the state cutting across areas like education, health, communication, infrastructure, power and livelihood support.

Chief Minister Biplab Kumar Deb in a social media post also said the Union Minister had congratulated the state government for work done through EAPs in Tripura.

“FM Nirmala Sitharaman congratulates state officials on work done through EAPs for the holistic development of the state,” Deb wrote on his official Facebook handle.

The Union Finance Minister also interacted with health officials and met beneficiaries of Tripura’s ongoing Covid vaccination drive at a centre at Gandhigram, about 10 km from here. Sitharaman’s office later tweeted, “As on August 27, 33,24,427 anti-COVID vaccine doses have been administered in Tripura. 24,53,931 beneficiaries have received the first dose while 8,70,496 beneficiaries have received the second dose of vaccine. Tripura has 358 sites conducting vaccination.”

Accompanied by chief minister Deb, the Union Minister also paid a visit to Hatipara Forest Complex at Gandhigram. She inspected the Non-Timber Forest Products (NTFP) Centre and Agar plantation where she was apprised by the officials about the potentials of Tripura’s Agar sector. She also planted a sapling.

Sitharaman will visit Matabari temple at Udaipur and then Dasarath Deb Memorial School Ground at Killa village council under Gomati district where she will hold a meeting and interact with the members of women-run Self-Help Groups.

She is also slated to flag-off a mobile van of Tripura State Cooperative Bank Ltd on the occasion of 7th anniversary of Pradhan Mantri Van Dhan Yojana, before leaving the state.



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Indian Bank launches ‘MSME Prerana’ programme in Odisha, BFSI News, ET BFSI

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State-run Indian Bank has launched ‘MSME Prerana’, an online business- mentoring programme for MSME’s in Odisha. Developed in collaboration with Knowledge Partner, Poornatha & Co, the programme to be delivered in the local language, is aimed at empowering MSME entrepreneurs by improving their managerial and financial skills through web-based training spread over 12 sessions, the bank said in a release on Wednesday.

The initiative was launched by Union Finance Minister Nirmala Sitharaman at the bank’s corporate sector centre in Chennai in October last year.

As an effort to bridge the current skill gap among the entrepreneurs, this programme will be delivered in the local language with a focus on developing the MSMEs’ business, communication, HR and financial skillset that is necessary to conduct business professionally today.

“Our MSME department will extend all possible support to this tailor-made mentoring program and I call upon entrepreneurs to avail of all other financial benefits being extended by Indian Bank to support them in such challenging times,” Satyabrata Sahu, Principal Secretary, MSME Department, Odisha, said on Tuesday.

Odisha figures among the top states in terms of MSME units and such programmes will ensure further up-skilling of entrepreneurs, thereby empowering them to achieve greater success in their businesses, Sahu said.

Indian Bank has an extensive network of 207 branches in Odisha and aims to provide more assistance to MSME entrepreneurs from various industries like textiles, automobiles, food processing, chemical, and others, the release said.

Odisha accounts for nearly 5 per cent of the total MSME credit exposure of Indian Bank, and has witnessed a 39 per cent growth in FY 2020-21.

“We are excited to expand the ambit of the ‘MSME Prerana’ programme to our customers and budding entrepreneurs in Odisha. In addition to being addressed in the native Odia language, the programme is spread out over 12 sessions and can be easily accessed through online meeting-based applications,” said V V Shenoy, Executive Director, Indian Bank.



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Sitharaman lays foundation stone for Khadi workers’ shed in Andhra village, BFSI News, ET BFSI

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Ponduru, Union Finance Minister Nirmala Sitharaman on Saturday laid the foundation stone for a mass shed for Khadi workers at Ponduru village in Andhra Pradesh’s Srikakulam district.

She also handed over a cheque for Rs 18 lakh to the Andhra Fine Khadi Karimikabhivrudhi (AFKK) Sangham, Ponduru, said a statement issued by her office.

Sitharaman handed over the contract document for the new building to the khadi workers association coinciding with the National Handloom Day.

The Finance Minister is on a two-day visit to the southern state and attended a programme organized by AFKK.

During her visit, Sitharaman garlanded a statue of Mahatma Gandhi.

Ponduru’s location has an interesting connection with Gandhi, considering his halt at Dusi railway station which is just 10 km away from the village during his Dandi March as part of India’s freedom struggle.

“On his Dandi March, Gandhiji had stopped at Dusi railway station, just 10 km away from Ponduru, to inspect the khadi work done there, which is renowned across the country,” said the statement.

Mahatma Gandhi also sent his son Devdas to the village to study khadi work.

“After staying for a week, he conveyed to Gandhiji how the women in the region spun on the single spindle chakra, a tradition that is still being followed in the area, one of the few areas to do so,” said the statement.

Meanwhile, multiple delegations, including Crafts Council of Andhra Pradesh, Laghu Udyog Bharti, Federation of Andhra Pradesh State Weavers Association and General Insurance Pensioners Association called on Sitharaman.

Bharatiya Janata Party Rajya Sabha MP G.V.L. Narasimha Rao and state Finance Minister Buggana Rajendranath Reddy were also present with her.

Federal Finance Minister Nirmala Sitharaman was speaking to reporters after the meeting with the Goods and Services Tax Council, which she chairs and includes all state finance ministers of the country.



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Merge RRBs with sponsor banks, AIBEA urges Finance Minister, BFSI News, ET BFSI

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Chennai, The merger of Regional Rural Banks (RRB) with their sponsor banks would avoid business cannibalization and reduction in administrative overheads, the All India Bank Employees’ Association (AIBEA) said on Monday.

In a letter to Union Finance Minister Nirmala Sitharaman, AIBEA General Secretary C.H. Venkatachalam said instead of further reforms in the RRB sector, it would be better to merge them with their sponsor banks as this will add to the rural network of the latter and at the same time, eliminate the weaknesses that they suffer presently.

“Monitoring would be much more effective since they would become part of the bank and come under the direct control of the management of the sponsor banks. This would also obviate a lot of administrative overheads and expenses,” he said.

While the objectives of RRB are laudable, their very nature of the business makes them fragile and vulnerable, he noted.

“More often than not, these RRBs even face competition from their own sponsor banks too. In this background, there have been many efforts to restructure the RRBs to make them strong and vibrant but the results have not been that encouraging because of the intrinsic reasons and they are bound to be so,” Venkatachalam said.



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