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Banks to approve MSME loans up to 1 Crore in 59 minutes

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Banks to approve MSME loans up to 1 Crore in 59 minutes

Finance Minister Arun Jaitley on Tuesday started a new portal to speed-up the loans for micro, small, and medium enterprises (MSMEs) as the government ensured that banks will approve funding upto Rs 1 Crore in 59 minutes. Also, entrepreneurs don’t have to visit the bank branches.

Businesses have to compulsory submit the GST and income tax details, including bank statement, to be eligible for faster loan sanctions. The loan will be provided within 8 days, says financial services secretary Rajiv Kumar in a presentation.

The portal has been developed by Sidbi including SBI, PNB, Bank of Baroda, Indian Bank, and Vijaya Bank. Various other banks will also join the portal in the next few days. Once the MSME fills all the details in the application form online and submits all the important details, a single gateway will incorporate platforms that will support to execute back-end checks with the ministry of corporate affairs and credit information bureau for fraud and product checks before the loan is approved.

Also Read: Cabinet may launch Operation Green Scheme on Wednesday

By linking online loan approvals with GST and tax returns, the government is wanting to reward all those entrepreneurs who are the part of the formal economy, a major area of the Narendra Modi Government. By all means, the Government wants to increase funding to small businesses via schemes such as MUDRA. MUDRA was launched by government 3 years ago. As of April 2018, the scheme has helped more than 12 crore people all across India to start new jobs.

Arun Jaitley also declared two new initiatives. Out of which, one includes ranking states on financial inclusion and other is a mobile app known as “Jan Dhan Darshak”. This app will help users to locate nearest bank branches, banking correspondents, ATMs, common service centres and post offices. Kumar requested banks to offer banking services to 8,800 villages spread across the country, which presently don’t have any touch-point in a 5KM radius.

Also Read: India’s oil demand to reach 500 million tonnes per year by 2040

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MSME

American MSME Network soon to open its office in India

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American MSME Network soon to open its office in India

Indo-American MSME is a USA-based non-profit organization which supports businesses in both countries, India and America. It mainly helps entrepreneurs to earn business and the utilize all the resources in their business. IAMSME is soon going to open its first office in India.

Indo-American MSME Network’s Founder and CEO said, “Indo-American Micro, Small and Medium Enterprise (IAMSME) Network we believe in sharing experiences that shaping the future of your brand. The purpose of the IAMSME network is to promote Micro, Small & Medium business enterprises and help them by providing legal, financial and trade-related support as-well-as in developing an Entrepreneurship Network to achieve desired goals”

Rodrick L.Green, who is the Indo-American MSME board of director, Chairman (USA) stated, “Our goal is to find the best partner to suit your Micro. You will gain international experience, exposure and make meaningful connections at exhibitions, find new ways to your expand your business to the next level and personally improve your leadership and entrepreneurial skills.”

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Indo-American MSME network also conducts various trade shows which help in building enterprise and expand its services through the proper knowledge, education, and training research/ publications.

The MSME network also provides incentives and support on fields like a franchise, fund-raising, building sales network, business-related services, product development, e-commerce, digital and social media marketing, etc. By fulfilling the demands of small or medium level business, latest technology and knowledge helps to achieve Win-Win situation for all the firm involved.

Also Read: SRTEPC requests govt to include yarns & fabrics in RoSL

We hope that IAMSME continuously helps various MSMEs in both countries to develop strong connections and also help them to grow their business to the next level.

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PSB instructed to fix one-hour loan products for MSMEs

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PSB instructed to fix one-hour loan products for MSMEs

The finance minister has requested the 21 state-run banks to regulate loan processes and products for micro, small and medium enterprises (MSMEs) which will have to work online quickly with the promise of approving them within an hour.

According to the meeting on Monday, the ministry has stated all banks, which have now involved, will have minimum one product with the option to provide variations, allowing small business to fulfill their loan and working capital needs via an online platform which will be contactless.

Sources said, based on the difference in loan products, the new loan sanction portal has started just before a month, has got over 1 lakh loan requests. Out of which, only some of them have got approval. About two-thirds of the visitors are below 35 years. One of the bank representatives said, “There were issues related to debt-equity ratio and the number of years for which tax returns had to be submitted. The government has now asked us to have fixed norms for a lot of things.”

Also Read: No relief from higher fuel prices despite rate cut

Sources stated banks had been ordered to provide loans to firms with a debt-equity ratio of 4:1, provided that MSMEs most likely have a lower equity base. Also, these borrowers should have a credit ratio or debt-to-income-ratio of 1:1.

Two of the famous private sector banks, HDFC Bank and ICICI Bank are showing enthusiasm in the new portal. Portal is open for all private sector banks also.

Earlier, the government has declared funding of up to Rs 1 crore in 59 minutes especially for MSMEs. The service is available for all the businesses which have submitted their GST and income tax details, including bank statements for faster loan sanctions. The loan will be delivered within eight days.

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Cabinet approves MoU between India and Russia for MSME Cooperation

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Cabinet approves MoU between India and Russia for MSME Cooperation

Union Cabinet which is conducted by Prime Minister Narendra Modi on Wednesday approved the signing of a Memorandum of Understanding (MoU) between National Small Industries Corporation Ltd. (NSIC) of India and Russian Small and Medium Business Corporation (RSMB).

NSIC is a Public Sector Understanding launched by the Government of India and it falls under the Ministry of Micro, Small & Medium Enterprises of India. The MoU between NSIC limited and RSMB Corporation will be signed in the next visit of the Russian President Vladimir Putin to India.

To increase the cooperation between Small and Medium Enterprises of India and Russia, the MoU will provide a well-built and allowing environment to the MSME industry of the two countries for understanding each other’s strength, markets, technologies, policies, etc.

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By helping to launch appropriate business alliances in technology transfers, joint ventures and business partnerships in the MSME sector the MoU wants to increase enterprise to enterprise cooperation between the two countries.

The MoU also includes cooperation in the field of capacity building, quick incubation for entrepreneurship development, and disclosure to each other’s market by promising participation in exhibitions.

It is also believed that the deal will bring a lot of amazing opportunities for Indian MSME sector in terms of joint ventures, new markets, distributing the best practices and technology collaborations in different things.

Vladimir Putin, the Russian president is on a two-day official visit to India at New Delhi on October 4. He is coming for the 19th India-Russia annual bilateral summit. At the same time, the Russia Export Centre (REC) will also conduct large-scale business mission showcasing Russia firms in India.

Also Read: Alibaba planning to bring its new retail concept in India

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