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Equitas SFB ensures Rs.550-cr deposits:
Equitas Small Finance Bank (SFB) has ensured around Rs.550 crore of deposit in the first few months from the small savings of its 2.6 million customers in piggy banks. The bank, started with three branches, will add agricultural finance, business loans and gold loan businesses in six months, said senior management officials. Equitas is the second SFB to start operations in the country, after Jalandhar headquartered Capital Small Finance Bank.
MSME need Rs.5.15 lakh cr infusion:
Highlighting the financial crunch faced by Micro, Small, and Medium Enterprises (MSMEs), a report has pegged the total credit demand for the sector at Rs.45 lakh crore over the medium term, while Rs.5.15 lakh crore needs to be mobilised for the near term. Crisil estimates show Rs.11.37 lakh crore is only a quarter of the total funding demand of MSMEs. The rest is met either through informal sources/self-financing or remains unmet, said a joint study by Crisil-Assocham. Extrapolating this, Crisil believes that Rs.45 lakh crore would be the total credit demand for the MSME sector over the medium term.
Hope Centre will continue to prioritise low inflation: Rajan
Mr.Raghuram Rajan, whose tenure as the RBI Governor ended this week, hopes the process of cleaning up Indian banks will be finished and the government will continue to prioritise “low inflation”. Mr. Rajan said in an interview with the New York Times that he hoped the country would finish “the process of bank cleanup” which is underway. Mr.Rajan warned low interest rates globally could distort markets and would be difficult to abandon. Low interest rates should not be a substitute for “other instruments of policy” and “various kinds of reforms” that are needed to encourage growth, he added.
Exim Bank plans portal to provide export facilitation services to SMEs:
To encourage small enterprises to export, the Export-Import Bank of India (Exim Bank) plans to start a portal ‘Exim Mitra’. It aims to facilitate 20-25 services, including registration for undertaking exports, information on the closest bank branch that will provide export credit, and indicative freight cost. Exim Bank Chairman and Managing Director Mr.Yaduvendra Mathur said, “We are looking to open an online facilitation window. We note there is a big information gap. There are a large number of potential exporters, typically smaller companies which are not able to access the whole gamut of facilities and there are many agencies involved (for exports).”