The platform was conceptualised based on a research done during the pandemic that small businesses need to digitise their offerings to meet stiff competition from big brands and shopping apps and portals.
The Union Budget 2021-22 presented in Parliament earlier this month proposed to set up a Development Finance Institution (DFI) with an initial capital of Rs 20,000 crore to fund the Rs 111 lakh crore ambitious National Infrastructure Pipeline (NIP).
The submission was made before Justice Prathiba M Singh by Additional Solicitor General (ASG) Chetan Sharma who said the committee held a meeting on February 23 and another is scheduled on March 4 after which it would submit its final report.
"As our economy is growing, and growing fast, credit flow has also become equally important. You have to see how credit reaches new sectors, new entrepreneurs. Now you will have to focus on creation of new and better financial products for Startups and Fintech," Modi said.
According to banking sources, lenders have already identified corporate loans of over Rs 1.5 lakh crore to be transferred to the NARC, which will be promoted in the public sector. The NARC will offer to purchase bad loans at a negotiated rate. However, once a negotiated rate is struck, private ARCs will be allowed to better the bid.
ICRA expects NBFC's non performing assets (NPAs) to increase to 5.60% to 6.80% of loans at the end of the current fiscal from 4.50% reported at the end of fiscal 2020 and stay nrar those levels in fiscal 2022 NBFCs linked to auto financing and small businesses remain vulnerable to the post Covid shock.
Under the amended Companies Act, 2013 and the Nidhi Rules, 2014, companies need to get themselves updated or declared as Nidhi company by applying to the Ministry of Corporate Affairs (MCA) in form NDH-4.
The merger that will create one of India's largest listed property development platforms has received nod from anti-monopoly watchdog the Competition Commission of India (CCI). It has also received regulatory approvals from the NSE, BSE, capital market regulator Securities & Exchange Board of India (SEBI).
A total of around 46 per cent of the consumer preference is now in the range of Rs 30 lakh-Rs 1 crore and above category, with most of the demand being generated from the key residential markets of Bengaluru, Hyderabad and Delhi.
"KFC has achieved the highest growth among the Government owned State Financial Corporations (SFCs) in India. This important achievement was facilitated by fresh loan sanctions of Rs 3385 crore so far in the current financial year," said Tomin J Thachankary, CMD of KFC.
Most domestic fintech lenders that ET spoke with said that their business rose 20-40% month-on-month since December, when the crackdown started. Recently, Google pulled the plug on more than 500 instant-credit apps that had their roots in China and were not compliant with the central bank norms.