Latest news with #PMVishwakarma
The Hindu
6 days ago
- Business
- The Hindu
Minister assures global market for rural entrepreneurs
Union Minister of Skill Development and Entrepreneurship Jayant Chaudhary said that rural entrepreneurs would be empowered and their products would be made available in the global market. He was speaking after inaugurating a beneficiaries conclave of the Jan Shikshan Sansthan (JSS) here on Thursday (July 17). He said that tribal entrepreneurs would be brought into the mainstream. As AI technology grows, acquiring skill development will enable the younger generation to become better job seekers, he said. Mr. Chaudhary also inaugurated Malappuram Municipality's smart anganwadis project. All anganwadis in the municipality were made air-conditioned and smart. He said that anganwadis played a key role in fostering social interaction among children before they start going to school. Around 2,000 JSS beneficiaries took part in the function. As many as 300 beneficiaries were given certificates under the PM Vishwakarma scheme. Entrepreneurs who attained excellence and JSS resource persons were felicitated. Cards for artisans were also distributed at the ceremony, which also saw the launch of various products of Gotramrutham tribal farmer producer company. An exhibition featuring handicrafts and products from various entrepreneurs also marked the occasion. JSS chairman P.V. Abdul Wahab, MP, presided over the function. Malappuram municipal chairman Mujeeb Kaderi, Kerala Academy for Skills Excellence chief executive officer T.V. Vinod, Regional Directorate of Skill Development and Entrepreneurship head C. Yuvaraj, Malappuram JSS director V. Umer Koya and district panchayat vice president Ismail Moothedam spoke.
Time of India
7 days ago
- Business
- Time of India
East S'bhum admin steps up to uplift Andharjhor village of tabla makers
1 2 Jamshedpur: The East Singhbhum district administration has taken steps to better the lives of the craftsmen of traditional musical instruments in Andharjhor village. The 70 families inhabiting Andharjhor are well known for making tabla, drum, tambourine, mridangam, mandar, dhol for decades. Eminent musician Zakir Hussain, who passed away last year, had visited Andharjhor thrice in the mid 90s to purchase tabla. D eputy commissioner (DC) Karn Satyarthi said, "The administration is working to ensure better price and market for the instruments made by the villagers, besides taking steps for the branding, logo, trademark of the instruments by bringing the stakeholders of the industry on one platform." "The industry department officials have been directed to identify a vacant govt land on the Andharjhor-Bodam Road for building community facility centre. The centre would work as a common meeting place for both sellers and buyers in the vicinity of the village. Also, a permanent structure would be built at the Vishwakarma Point at Sanjay market in Sakchi for the manufacturers to display their products for the urban buyers," he added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Đây có thể là thời điểm tốt nhất để giao dịch vàng trong 5 năm qua IC Markets Tìm hiểu thêm Undo The DC directed the district industry coordinator to link the musical instruments makers with the PM Vishwakarma scheme to help them avail the benefits. The DC on Monday visited Andharjhor and enquired with the instrument makers about the measures that they wish the govt to take for the development of the village and their products. "The administration is open to new ideas and suggestions to ensure better market to the products and good price to the instruments," DC Satyarthi said.
Time of India
11-07-2025
- Business
- Time of India
ET World MSME Day: How IDBI Bank is transforming MSME financing
India's path to becoming a $5 trillion economy rests on the shoulders of micro, small, and medium enterprises (MSMEs). Accounting for almost 45% of India's exports, creating more than 110 million jobs, and driving grassroots entrepreneurship, MSMEs are not marginal players, but the core of India's economic strategy. Seeing this, IDBI Bank has emerged as a strategic facilitator of MSME development. With a digital-led lending strategy, decentralised credit support, and firm alignment with government-sponsored schemes such as Mudra and PM Vishwakarma, the bank is transforming the way MSMEs surmount legacy hurdles to capital. "If India has to be a developed economy by 2047, MSMEs will remain at the centre of this journey," said Sumit Phakka, Deputy Managing Director, IDBI Bank . Phakka participated in the virtual fireside chat, 'Empowering Indian Enterprises: IDBI Bank's Strategic Blueprint for MSME Growth', on the occasion of ET World MSME Day on June 27, 2025. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas In Dubai | Search Ads Get Rates Undo IDBI Bank's Roadmap to Strengthen MSMEs | Insights from Sumit Phakka Sumit Phakka, Deputy Managing Director, IDBI Bank, joined us for an exclusive fireside chat on the topic 'Empowering Indian MSMEs: IDBI Bank's Strategic Blueprint.' He emphasized that the contribution of MSMEs is crucial to India's economic growth, especially in the country's pursuit of becoming a five trillion-dollar economy and achieving developed nation status by 2047. Highlighting the bank's forward-looking approach, he shared that IDBI Bank is actively working to expand its range of digital solutions, ensuring that MSMEs have easy, efficient, and tech-enabled access to financial services tailored to their evolving needs. Conquering the credit challenge through innovation Affordable, timely access to credit is the biggest stumbling block for MSMEs. Conventional banking requires collateral, healthy balance sheets, or long credit profiles, which are requirements many small enterprises cannot fulfill. "New-age MSMEs are not always able to provide collaterals or balance sheets that banks demand. That constrains their competitiveness and prevents them from scaling," Phakka clarified. Live Events To fill this gap, IDBI Bank introduced i-MSME Express, a digital underwriting system that uses GST data to evaluate borrower profiles. Whether a new-to-bank or a new-to-credit customer, lending happens fast and in a transparent manner on the basis of real-time, verified data. More than 500 MSMEs have benefited from the i-MSME Express over the last few months, with over Rs 150 crore released in loans of between Rs 10 to Rs 25 lakhs. IDBI is contemplating taking this offering up to Rs 2 crore soon, covering even small and medium businesses. Supporting MSMEs in distress with SAJAG Lending growth is not just about the number of sanctioned loans; it's about viable lending. IDBI Bank realises that even the finest MSMEs may experience temporary adversities. For such instances, the bank has created SAJAG, an asset monitoring system based on predictive analytics and early warning indicators to identify stress in MSME accounts ahead of time. As soon as they are reported, corrective measure plans that range from repayment restructuring to bridge lending or even temporary relief are triggered. 'For smaller accounts under Rs 10 lakhs, decisions are made at the branch level itself. Larger cases go through dedicated MSME rehabilitation committees,' Phakka shared. 'Instead of recalling advances, we prefer rehabilitation to help businesses recover.' Extending beyond lending to strengthening entrepreneurial ecosystems IDBI Bank's MSME approach extends to supply chain finance, hand-holding entrepreneurs, and creating deep local roots. Special asset officers in MSME branches assist entrepreneurs in managing their banking and business growth trajectory. The bank is also working closely with state and district-level officials to spot and nurture emerging business clusters. 'Understanding their entire value chain, from buyers to suppliers, helps us offer better collection and payment solutions,' Sumit Phakka added. Mudra success and low NPA strategy IDBI Bank has made a mark with exceptional performance in the Mudra scheme, achieving 101% of its target last year with a low non-performing asset (NPA) ratio in single digits, a rare feat in the micro-lending space. This success is fuelled by data-driven credit decision-making, focused outreach to micro current account holders, and fast turnaround lending through digital channels for borrowers with good GST data, but no formal credit history. Future-ready growth For the fiscal year ahead, IDBI Bank is targeting a 25% growth in its MSME loan book, building on a 23% increase in the previous year — significantly higher than the industry average. Key strategic goals include: Doubling the number of MSME-specific branches to 200 from 100 Increasing Credit Support Cells (CSCs) to expedite processing and shorten turnaround time Scaling digital lending to achieve a Rs 500 crore book in 12-18 months Improved concentration on clusters of industries to offer customised financial products Greater involvement in government schemes for nano and micro entrepreneurs. From technological innovation to grassroots inclusion, IDBI Bank is not only propelling MSME growth, but driving a national shift, one business at a time. As Phakka concluded on ET World MSME Day: 'We pride ourselves in being a true friend to Indian MSMEs. When businesses know their bank stands by them, in growth and in struggle, they are empowered to aim higher.'
Time of India
22-06-2025
- Business
- Time of India
MP Kota Shrinivasa Poojary urges nationalised banks to be more efficient and people-friendly
Udupi: MP Kota Shrinivasa Poojary called on nationalised banks in the district to function more efficiently and adopt a people-friendly approach. He stressed the need for the simplification of procedures, especially for educational loans, and insisted that beneficiaries selected under govt schemes receive their due benefits without delay. Presiding over the District Lead Bank Progress Review Meeting held at Dr VS Acharya Hall on the zilla panchayat premises, on Saturday, the MP said financial aid under central and state govt schemes should be made accessible to the public without hassle. He urged banks to increase enrolment under flagship schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana. He also cautioned banks against arbitrarily rejecting applications forwarded by govt departments. Poojary said bank officials and staff must communicate with customers in Kannada. In cases where officials are unable to do so, locals should be deputed to assist. He said more emphasis on PM Mudra and Startup schemes could promote self-employment and contribute to the district's economic growth. Udupi currently ranks second in the state in loan disbursement under the PM Vishwakarma scheme, and he urged officials to work towards achieving the top spot. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Brass Laxmi Ji Idol For Wealth, Peace & Happiness Luxeartisanship Shop Now Undo Zilla panchayat CEO Prateek Bayal stressed that financial support under RBI's priority sector norms should be enhanced. Banks must understand their social responsibility and maintain citizen-friendly practices. He directed banks to ensure 100% achievement of individual targets and urged them not to harass women from self-help groups seeking loans for self-employment. He said banks must assist them with proper guidance on schemes and required documentation. Bayal also raised concerns over certain banks continuing to collect stamp duty despite exemptions for sectors like agriculture, education, and SHGs. He warned that the issue would be taken seriously and recommended strict action if violations continue. He further noted that the district is yet to meet the Rs 12 lakh target for activities under social infrastructure, renewable energy, fisheries, and self-employment. Canara Bank Udupi RO-2 AGM and regional manager Tadinada Srinag Purnananda presented performance figures for FY 2024–25. The agricultural sector achieved 86.3%, MSME 91.1%, education 95.5%, and housing 85.4%. The credit-deposit (CD) ratio improved slightly from 46.9% last year to 47.7% this year. The Annual District Credit Plan (ADP) booklet for FY 2025–26 was released during the event.
India Gazette
16-06-2025
- Business
- India Gazette
FM Sitharaman visits Rongdo Valley in Ladakh, interacts with members of local nomadic tribal community
Leh (Ladakh) [India], June 16 (ANI): Union Finance Minister Nirmala Sitharaman on Monday visited Rongdo Valley in Ladakh and interacted with members of local tribal community members. In a post on X, Nirmala Sitharaman's office said, 'Nirmala Sitharaman visits Rongdo Valley in Ladakh and interacts with members of the local nomadic tribal community. During the visit, Nirmala Sitharaman handed over a cheque of Rs 50 lakh for the construction of tents for the tribe, under the CSR initiative of the @TheOfficialSBI Foundation.' Earlier on June 15, Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, virtually inaugurated several development projects on Sunday in Leh, Ladakh, during her four-day visit to the Union Territory. The Ministry of Finance said this reaffirms the Government of India's commitment to inclusive growth and infrastructure development in the Union Territory of Ladakh. The Union Finance Minister also interacted with the officials of the Union Territory the second day of her visit, she addressed an audience during the Credit Outreach Programme in Leh and handed over sanction letters from banks to beneficiaries under various Central Government schemes. During the Credit Outreach, loans worth Rs 5.13 crore were disbursed to beneficiaries under different schemes, including PM MUDRA, PM Vishwakarma, PMEGP, PM Micro Food Processing Enterprises Scheme (PM FME), and Joint Liability Group (JLG) Union minister also visited an exhibition of local handicrafts and handloom products by Self Help Groups (SHG) and Local Entrepreneurs in Leh. (ANI)
