RBI imposes a monetary penalty of Rs 1 crore on City Union Bank Limited
May 21, 2021, at 10:04 pm
Mumbai/UNI: The Reserve Bank of India (RBI) has imposed a monetary penalty of Rupees One Crore only on City Union Bank Limited for contravention of/non-compliance with certain provisions of the directions contained in the Reserve Bank of India (Lending to Micro, Small & Medium Enterprises (MSME) Sector) Directions, 2017 and the circulars on educational loan scheme and credit flow to agriculture – agricultural loans – waiver of margin/security requirements.
May 19, 2021, at 01:37 am
Kolkata/IBNS: Efficient & timely insurance services to policy holders are the need of the hour, said Suresh Mathur, Executive Director, Health Insurance, Surveyors, IMF & Reinsurance, Insurance Regulatory & Development Authority of India (IRDAI).
Govt committed to helping MSME sector flourish: Minister of State Pratap Chandra Sarangi
Dec 19, 2020, at 06:01 am
Kolkata/IBNS: Speaking at an ASSOCHAM conference here on Friday, Pratap Chandra Sarangi, Minister of State for Micro, Small and Medium Enterprises, said that the government fully understands the importance and contribution of MSMEs for the nation and is fully committed to support the MSME sector grow and reach its full potential.
ICC Web Store: Bridging the gap between buyers and sellers in the pandemic situation
Nov 18, 2020, at 05:00 am
Kolkata/IBNS: Indian Chamber of Commerce recently announced the launch of a state-of-the-art Web Store to showcase exquisite collections of Indian textile, handloom, apparel, garments, khadi, jute etc. by the MSMEs.
MSME sector strengthens India-Nepal bond amid COVID-19
Sep 18, 2020, at 05:22 am
Kathmandu: Policymakers and authorities feel that micro, small and medium entreprises (MSME) sector has been playing a pivotal role in strengthening trade and commerce relations between India and Nepal, even at this time when the two nations are combating the COVID-19 pandemic.
Flipkart Wholesale launches digital platform for kiranas, local MSMEs
Sep 02, 2020, at 07:36 pm
Kolkata/IBNS: Flipkart Wholesale, the digital B2B marketplace of India’s homegrown Flipkart Group, Wednesday launched its operations with an aim to connect local manufacturers with retailers and bring the entire wholesale marketplace at their fingertips using technology.
Airtel Payments Bank launches Suraksha Salary Account for MSME sector
Jun 15, 2020, at 09:51 pm
Kolkata/IBNS: As India begins to open up following the COVID-19 lockdown, Airtel Payments Bank announced the launch of ‘Suraksha Salary Account’ - an innovative salary account, according to the bank, for the Micro, Small and Medium Enterprises (MSME).
Bank of India reduces MCLR, MSME, housing and auto loan interest rates
May 29, 2020, at 06:06 pm
Mumbai: Bank of India has reduced its Benchmark Marginal Cost of Funds Lending Rate (MCLR) by 25 bps across all tenors. The one year MCLR is now at 7.70% p.a.
FM Nirmala Sitharaman announces 3 lakh crores collateral-free loans for MSMEs
May 13, 2020, at 05:34 pm
New Delhi/IBNS: In a bid by the Modi government to fight back the economic impact of COVID-19 outbreak, Union Finance Minister Nirmala Sitharaman on Wednesday announced several categories of collateral-free loans for Ministry of Micro, Small and Medium Enterprises (MSME)s as a part of the Atmanirbhar Bharat Yojana (Self-reliant India) announced by PM Narendra Modi on Tuesday during his national address.
COVID-19 economic impact: CII bats for an immediate stimulus package of Rs 15 lakh crore
May 09, 2020, at 10:04 am
New Delhi/IBNS: Top industry body The Confederation of Indian Industry (CII) on Friday said a stimulus package of Rs 15 lakh crore is needed to tackle the impact of a prolonged lockdown on the country's economy.
Amazon to invest USD 1 billion to digitise MSMEs
Jan 15, 2020, at 03:49 pm
New Delhi/UNI: Amazon on Wednesday announced its plans to invest USD 1 billion to digitally enable micro, small, and medium enterprises (MSMEs) and traders across India, including manufacturers, resellers, local offline shops, and brands, said company's founder and CEO Jeff Bezos here.
Buyers from 19 countries attend Reverse Buyer Seller Meet for Textile and Apparel sector in Kolkata
Dec 07, 2019, at 10:22 pm
Kolkata/IBNS: Rural artisans of West Bengal produce a wide range of artefacts that are good enough to draw international clientele but often fail to reach their target owing to lack of quality packaging, said Sadhan Pande, the state's Minister of Consumer Affairs Department.
Syndicate Bank extends Loan Restructuring Facility to MSMEs
Dec 03, 2019, at 05:33 pm
Bengaluru/UNI: Public lender Syndicate Bank has extended the restructuring of the loan to MSMEs. This will provide MSMEs a flexible repayment option and prevent their accounts from being classified as Non-Performing Assets (NPAs).
May 24, 2019, at 03:26 pm
Kolkata, May 24 (IBNS): In keeping with its aim to facilitate business links, Kolkata-based The Bengal Chamber of Commerce and Industry (Bengal Chamber) recently hosted K V Kumar, Chairman and CEO of Indian American International Chamber of Commerce (IAICC), Washington, DC.
Financial inclusion of MSMES needed for development of the Country: Giriraj Singh
Feb 12, 2019, at 05:04 pm
New Delhi, Feb 12 (IBNS): Ministry of Micro Small and Medium Enterprises (MSME) organized a Regional Conference on MSME Financing under National SC/ST Hub Scheme in New Delhitoday.
ICICI Bank organises MSME conclave in Jaipur
Oct 24, 2018, at 01:00 pm
Jaipur, Oct 24 (IBNS): ICICI Bank Limited organised a conclave for MSMEs (Micro, Small and Medium Enterprises) in jaipur on Tuesday, an official release said.
Kolkata: The Bengal Chamber wants MSMEs to be financially strong and look for new markets
Jun 09, 2018, at 01:21 pm
Kolkata, Jun 9 (IBNS): Keeping in mind that Micro, Small & Medium sized Enterprises (MSMEs) play a pivotal role in the economic progress of developing countries like India, the Bengal Chamber of Commerce and Industry (BCC&I) recently organized an 'Awareness Programme for the MSMEs' in Kolkata.
May 11, 2018, at 11:20 pm
Kolkata, May 11 (IBNS): To make more coal available for the small, medium and other sectors the Maharashtra Government appointed Maharashtra State Mining Corporation (MSMC) as the state nominated agency (SNA) for coal distribution to MSMEs of the state.
SIDBI launches Samridhi virtual assistant and Bankability Kit on Foundation Day
Apr 02, 2018, at 08:40 pm
Lucknow, Apr 2 (IBNS): SIDBI celebrated its foundation day on Monday as day of Sampark (connect), Sanwad (interaction), Suraksha (security) and Sampreshan (disseminate).
ICICI Bank announces launch of ‘InstaOD’
Mar 14, 2018, at 03:05 am
Mumbai, Mar 13 (IBNS): ICICI Bank, a largest private sector bank, on Tuesday announced the launch of an instant overdraft facility for MSME (Micro, Small and Medium Enterprises) customers in a completely online and paperless manner.
Union budget : MSMEs provided Rs. 3794 Crore for Credit Support and Innovation
Feb 01, 2018, at 07:53 pm
New Delhi, Feb 1 (IBNS) : Announcing that a provision of Rs. 3794 crore has been provided in the General Budget 2018-19 for the Medium, Small and Micro Enterprises (MSMEs), Union Minister for Finance and Corporate Affairs Arun Jaitley said on Thursday that this has been done to provide credit support, capital and interest subsidy and innovations to this Sector.
GST to boost MSMEs’ competitiveness, says study
Jul 08, 2017, at 10:41 pm
New Delhi, July 8 (IBNS):The Goods and Services Tax (GST) would boost the competitiveness of micro, small and medium enterprises (MSMEs), noted a recent joint study by ASSOCHAM- Ashvin Parekh Advisory Services (APAS).
Budget 2017: Income tax for MSMEs with annual turnover upto Rs. 50 Crore is reduced to 25 per cent
Feb 01, 2017, at 09:03 pm
New Delhi, Feb 1 (IBNS): Presenting the General Budget 2017-18 in Parliament on Wednesday, Union Finance Minister Arun Jaitley said that the income tax for smaller companies with annual turnover upto Rs. 50 crore is reduced to 25% in order to make MSME companies more viable and also to encourage firms to migrate to company format.
IIMCIP launches its new project INVENT
Oct 21, 2016, at 02:06 pm
Kolkata, Oct 20 (IBNS): IIM Calcutta Innovation Park, formed under the aegis of IIM Calcutta, for promoting entrepreneurship and innovation in research and business through industry-academia partnership, formally announced the launch of its new initiative INVENT, on Wednesday, at IIMC City Office campus in Kolkata.