Latest Finance Updates

Not easy for entrepreneurs to avail bank loans: Nitin Gadkari

Referring to the need for cutting delays in decision making or project implementation, the minister said he has started a practice of maintaining timeline so as to expedite and monitor the process. He said the government is working on launching a new website for MSME sector on the lines of Alibaba platform for marketing MSME products. Union MSME Minister Nitin Gadkari on Friday said it is not easy for entrepreneurs to avail bank loans, and there is a need to encourage those who have a good track record to boost entrepreneurship. Recently, Gadkari met bank chiefs along with Finance Minister Nirmala Sitharaman and discussed issues in extending finance to micro, small and medium enterprises (MSME) sector. "Wherever you go, it is not easy to get a bank loan," Gadkari said while addressing a conference on Empowering Women Entrepreneurs here. Referring to the need for cutting delays in decision making or project implementation, the minister said he has started a practice of maintaining timeline so as to expedite and monitor the process. He said the government is working on launching a new website for MSME sector on the lines of Alibaba platform for marketing MSME products.

Yes Bank withdrawal limit capped at Rs 50,000

MUMBAI: The Reserve Bank of India (RBI) superseded the board of Yes Bank and imposed a month-long moratorium, it said in an announcement late on Thursday. It expects to arrive at a credible restructuring plan in the next few days. “The Reserve Bank assures the depositors of the bank that their interests will be fully protected and there is no need to panic,” it said in a statement. This is the first time that the central bank has taken such drastic action with respect to a big bank since July 2004 when the regulator got state-run Oriental Bank of Commerce (OBC) to take over Global Trust Bank to rescue the private sector lender. “In the absence of a credible revival plan, and in public interest and the interest of the bank’s depositors, (the RBI) had no alternative but to apply to the central government for imposing a moratorium,” the central bank said. “The Reserve Bank will explore and draw up a scheme in the next few days for the bank’s reconstruction or amalgamation and with the approval of the central government, put the same in place well before the period of moratorium of 30 days ends so that the depositors are not put to hardship for a long period of time.” The central bank said its preferred option had been a market-related solution. “Since a bank and market-led revival is a preferred option over a regulatory restructuring, the Reserve Bank made all efforts to facilitate such a process and gave adequate opportunity to the bank’s management to draw up a credible revival plan, which did not materialise,” the RBI said.

RBI to look into what went wrong at Yes Bank: Sitharaman

Finance Minister Nirmala Sitharaman on Friday said that the government has asked the Reserve Bank to look into what went wrong at Yes Bank The bank was being monitored since 2017 and developments relating to it were being monitored on a day-to-day basis, she said at a press conference. Since 2017, the central bank noticed governance issues and weak regulatory compliance at Yes Bank, besides wrong asset classification and risky credit decisions, she said at a press conference. Since 2017, the central bank noticed governance issues and weak regulatory compliance at Yes Bank, besides wrong asset classification and risky credit decisions, she said.