Mumbai

MSMEs account for 23% of industrial credit at Rs 12.6 trillion

Commercial lending stood at Rs 54.2 trillion as of March 2018, with micro and SME (small and medium enterprises) segments contributing nearly 23 per cent to overall growth.

“Total on-balance-sheet commercial lending exposure of banks and financial institutions stood at Rs 54.2 trillion, as of March 2018 with micro and SME segments constituting Rs 12.6 trillion, which is nearly 23 per cent of outstanding commercial credit,” a Cibil-Sidbi report said on Wednesday.

BoM chief arrested in Rs 3,000 cr scam case

Maharashtra police has arrested Bank of Maharashtra CMD Ravindra P Marathe (in pic) and former chief Sushil Muhnot for sanctioning Rs 3,000 crore loan through fraudulent means to Pune-based real estate company DSK Group.

Remittance norms tightened

RBI on Tuesday tightened norms for liberalised remitt­a­nce scheme (LRS) by ma­king quoting of permanent account number (PAN) mandatory even for transactions below $25,000.

Under LRS, all resident individuals, including minors, are allowed to freely remit up to $2,50,000 per financial year for any perm­issible current or capital account transaction or a combination of both.

RBI revises up housing loan limits under priority sector

Housing loans of up to Rs 35 lakh, for dwellings costing less than Rs 45 lakh, will be treated as priority sector lending (PSL) to give a fillip to the low-cost segment, the Reserve Bank of India (RBI) said on Tuesday. PSL loans are relatively cheaper than market interest rate.

Fund outflows relentless; rupee may touch 70-level by year-end

Global trade war is weighing heavily on Indian markets. The rupee continued to reel under severe pressure amid a steady outflow of foreign portfolio money. The domestic currency closed at one-month low of 68.38 against the US dollar on Tuesday, down 40 paise from its previous close. As the political heat also adds to the investor sentiment, experts in foreign exchange said the rupee may test the 70 level towards end-2018.

Sena, JDU, SP join Delhi CM supporters

Amid the tug of war between the AAP dispensation and Lieutenant Governor, Delhi chief minister Arvind Kejriwal has found the support of three more regional players — Shiv Sena, Samajwadi Party (SP) and Janata Dal United.

While senior SP leader Ram Gopal Yadav visited deputy chief minister Manish Sisodia and Health minister Satyendar Jain at the hospital, and assured them that if need be, “we will also sit on dharna”, JD(U) spokesperson Pawan Verma told a TV news channel on Sunday, “An elected government should be allowed to work without any interference.”

Retail-focused NBFCs may need Rs 4 trillion fresh debt to grow at 20% in FY19

Retail-focused non-banking financial companies (NBFCs) would require Rs 3.8-4 trillion of fresh debt capital in FY19 to grow at 20 per cent in the current financial year, says a report. Domestic NBFCs are facing twin challenges in the form of narrowing options and increased borrowing cost for adequate debt raising.

“Retail-focused NBFCs would require about Rs 3.8-4 trillion of fresh debt funding during FY19 to support their envisaged portfolio growth of about 20 per cent during the year,” according to a report by Icra.

Indians face 25% higher risks to financial fraud

With Indians becoming more digitally active, the risk of frauds has increased with around one in four customers becoming victims to online financial deceit, says a report.

In a report, global financial information company, Experian says 24 per cent of Indians have directly experienced frauds while transacting online, and sectors like telco’s (57 per cent), banks (54 per cent) and retailers (46 per cent) are the worst victims.

Further, Indians are most comfortable sharing data with banks (50 per cent) and least with branded retailers (30 per cent).

Chanda to remain on leave; Bakhshi is COO for 5 years

Facing multiple probes for alleged lapses in corporate governance, ICICI Bank on Monday effected a shake-up in its top deck. Bank’s managing director and chief executive officer Chanda Kochhar, who faces serious charges of quid pro quo in her dealings with Videocon group, will go on leave till the completion of an independent enquiry announced last month.

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