NATIONAL NEWS
TransUnion tieup Ficci for MSME consumer education programme
TransUnion CIBIL has partnered with the Federation of Indian Chambers of Commerce & Industry (FICCI) to launch a unique nationwide MSME consumer education program to support MSME. This program will kick off with MSME clusters in Maharashtra, Assam and Tripura and aims to reach thousands of MSMEs across key MSME clusters in India. The program objective is to empower MSMEs with knowledge on how to build a good credit history and CIBIL Rank to avail easier and faster access to finance. TransUnion CIBIL is committed to supporting banks and credit institutions in the sustainable growth of their MSME portfolios while improving reach and driving access to finance for MSMEs. In addition to offering MSME lenders solutions like CIBIL Rank and commercial credit reports for astute lending, TransUnion CIBIL also publishes insights reports like the MSME Pulse in association with SIDBI and the recent Emergency Credit Line Guarantee Scheme (ECLGS) analysis report to support policymakers and the industry with market insights on the MSME sector.
Hurun India Wealth Report: India’s millionaire households rose 11% in 2021
According to the latest Hurun India Wealth Report 2021, the number of dollar-millionaire households in India increased by 11 per cent to 4,58,000 households in 2021, as compared to 2020. A household having a net worth of at least INR 7 crore ($1 million), is referred to as a dollar-millionaire household. The report has estimated that the number of dollar-millionaire households in the country shall increase by 30% over the next five years to reach 6,00,000 households in 2026. Meanwhile, in the list of cities with the most millionaires, Mumbai has topped with 20,300 millionaires households. Mumbai is followed by Delhi with 17,400 and Kolkata with 10,500 millionaire households, respectively. The report is based on the survey on 350 Indian ‘millionaires’ (individuals with a personal wealth of $1 million).
Indian businesses rank 5th in their concern for climate change
As per the ‘Deloitte 2022 CxO Sustainability Report: The Disconnect Between Ambition and Impact’, Indian businesses rank 5th in their concern for climate change. According to the report, 80 per cent of Indian executives see the world at a tipping point for responding to climate change compared with just 53 per cent eight months ago. The report was released by Deloitte Touche Tohmatsu Limited (DTTL). DTTL is also known as Deloitte Global. The Deloitte survey, done across 21 countries during September-October 2021, has found a higher number of top-level executives in India responding to the issue of climate change compared to the survey conducted in January-February 2021.
GoI to launch ‘Meri Policy Mere Hath’ to deliver crop insurance policies
Ministry of Agriculture & Farmers Welfare will launch ‘Meri Policy Mere Hath’ which is a doorstep distribution drive to deliver crop insurance policies to farmers under the Pradhan Mantri Fasal Bima Yojana (PMFBY). The campaign aims to ensure all farmers are aware with all information on their policies, land records, the process of claim and grievance redressal under PMFBY. A flagship scheme of the Government of India, PMFBY aims to provide financial support to farmers suffering crop loss/damage arising out of natural calamities. Over 36 crore farmer applications have been insured under PMFBY, with over INR 1,07,059 crores of claims have already being paid under the scheme as of 4th February 2022.
SBI, PNB, BoB, UBI, Canara Bank and BoM acquires stake in IDRCL
State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BoB), Union Bank of India (UBI), Canara Bank, and Bank of Maharashtra (BoM) have announced their subscription to the shares of India Debt Resolution Company Ltd (IDRCL). Public Sector Banks (PSBs) and Public Fis will hold a maximum of 49% in stake of IDRCL while the remaining stake will be with private-sector lenders. The NARCL has been incorporated under the Companies Act, and public sector banks will hold 51 per cent in NARCL. The stakes acquired by these banks is given in the table below. The Banks will further reduce their stake in IDRCL.
INTERNATIONAL NEWS
Former CEO of SriLankan Airlines Vipula Gunatilleka appointed CFO
Vipula Gunatilleka, the former CEO of SriLankan Airlines has been appointed as the chief financial officer (CFO) of the grounded Jet Airways. Vipula Gunatilleka was serving as the CEO of Sri Lankan airways till January 2022. He will join Jet Airways at a new position officially from March 1, 2022.
Two Ukraine separatist regions as independent
The President of Russia Vladimir Putin has announced the recognition of two separatist republics in eastern Ukraine – Donetsk, and Lugansk – as independent. He announced his latest decision through a televised address on February 21, 2022. US President Joe Biden also spoke with Ukrainian President Volodymyr Zelenskyy and reaffirmed the commitment of the United States to Ukraine’s sovereignty and territorial integrity.
