MSME

MSME

PHDCCI Submits Pre-Budget Memorandum To FinMin Sitharaman For Economic Resilience

Opportunity India Desk Jan 03, 2024 - 3 min read

In anticipation of the fiscal year 2024-25 Union Budget, the PHD Chamber of Commerce and Industry (PHDCCI) has submitted an economic memorandum to Union Finance Minister Nirmala Sitharaman. Drawing insights from surveys, analyses, and inputs from PHDCCI members nationwide, the memorandum addresses the global economic landscape characterized by geopolitical uncertainties, high ...

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MSME

Over Threefold Growth In NBFC Credit To MSMEs Compared To Banks: RBI

Opportunity India Desk Jan 02, 2024 - 2 min read

Non-banking financial companies (NBFCs) have experienced major growth in loans extended to micro, small, and medium enterprises, surpassing that of traditional banks by over three times, according to a report released by the Reserve Bank of India (RBI). The central bank's latest assessment of the banking sector's performance for the fiscal years 2022-23 ...

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Fintech Startup EnKash Gets RBI Consent To Operate As Payment Aggregator

Opportunity India Desk Dec 21, 2023 - 2 min read

Fintech startup EnKash has obtained regulatory approval from the Reserve Bank of India (RBI) to function as a payment aggregator, operating under the brand name Olympus. EnKash serves as a platform for spend management, providing businesses with the capability to automate payment processes, digitize incoming funds, oversee expenses, and perform additional functions. Spend ...

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Internovo Ventures Unveils Fintech Platform For MSMEs, Targets Onboarding 1 Lakh Merchants By FY26

Opportunity India Desk Dec 20, 2023 - 2 min read

Internovo Ventures, a collaboration between Interface Ventures and Novostack, has unveiled its cutting-edge fintech platform, Indibook, to streamline record-keeping, accounting, and lending for small businesses. Following the acquisition of Mera Cashier in February 2023, Internovo Ventures has undergone a comprehensive overhaul of the platform's UI/UX, functionality, and features, reintroducing it as Indibook. The ...

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MSME Lender U GRO Capital Secures USD 30 Million From Dutch Bank Through NCDs

Opportunity India Desk Dec 20, 2023 - 2 min read

U GRO Capital, a DataTech Non-Banking Financial Company (NBFC) specializing in micro, small, and medium enterprises (MSME) lending, has secured USD 30 million (around INR 250 crore) through the issuance of Non-Convertible Debentures (NCDs). The funding came from FMO, the Dutch entrepreneurial development bank, which fully subscribed to the INR-denominated NCDs.

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Meta, ONDC Partner To Empower MSMEs With Digital Commerce Initiatives

Opportunity India Desk Dec 19, 2023 - 2 min read

Meta, the parent company of Facebook, and Open Network for Digital Commerce (ONDC) have jointly taken up the initiative to empower small businesses in harnessing the potential of digital commerce. The initiative aims to educate and enable small businesses to create seamless conversational experiences for both buyers and sellers on WhatsApp, leveraging a ...

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RBI Regulations Spike NBFCs' Borrowing Costs

Opportunity India Desk Dec 18, 2023 - 3 min read

A month subsequent to the Reserve Bank of India's (RBI) announcement of stricter regulations governing credit to non-banking financial companies (NBFCs), the borrowing costs for these entities have surged significantly. Simultaneously, banks are also experiencing heightened expenses for funds amid tight liquidity conditions within the banking system. Data from the Clearing ...

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Google Plans Digital Push To Unlock Country’s MSME Potential

Opportunity India Desk Dec 15, 2023 - 2 min read

Google is set to make a strategic investment in digital payments, aiming to strengthen the micro, small, and medium enterprise (MSME) market in India, according to Sanjay Gupta, the country head and Vice President of Google India. Beyond payments, Google aims to enhance India's MSME potential through initiatives focused on financial ...

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MSME

Indian Banks Extend Global Reach With 417 Subsidiaries In 2022-23

Opportunity India Desk Dec 14, 2023 - 2 min read

In the fiscal year 2022-23, Indian banks expanded their global footprint through subsidiaries, reaching a total of 417 compared to 399 in the previous fiscal year, according to data released by the Reserve Bank of India (RBI). The RBI's survey on International Trade in Banking Services 2022-23 revealed a 0.5 per ...

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MSME Sector Sales Move Up In October, Signal Robust Growth In Coming Months

Opportunity India Desk Dec 13, 2023 - 3 min read

The Jocata-Sumpoorn index, a key indicator of sales activity for credit-seeking micro, small, and medium enterprises (MSMEs), surged to 0.62 in October, signaling a shift from the mild expansion zone, observed over the past five months, to moderate. The rising index suggests a potential breakthrough towards robust growth in the coming months.

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