SEHER, a credit education program launched by the Women Entrepreneurship Platform (WEP) and TransUnion CIBIL, will empower women entrepreneurs in India with financial literacy content and business skills, helping them to access the financial tools they need to drive further growth and create employment in the country’s economy.
According to the Udyam Registration Portal of the Ministry of Micro, Small and Medium Enterprises, India has 63 million micro, small, and medium enterprises of which 20.5% are women-owned, employing as many as 27 million people. The Ministry also reported that rural areas have a slightly greater share of women-owned enterprises (22.24%) compared to urban areas (18.42%).
Women Entrepreneurship Platform (WEP), incubated in NITI Aayog in 2018 as an aggregator platform that transitioned as a public-private partnership in 2022 to build a comprehensive ecosystem supporting women entrepreneurs across India.
The Ministry of Rural Development (MoRD) signed an MoU with Convergence Energy Services Limited (CESL), a wholly owned subsidy of EESL, to help facilitate “Sustainable Transport for Rural Entrepreneurs through Electric Bicycles” (STREE) for Self Help Group (SHG) Women under Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM).
DAY- NRLM is focusing to promote SHG women led enterprises with diversified opportunities in manufacturing and service sector covering the farm and non-farm domains. Since its launch, DAY-NRLM has helped create the largest platform for social inclusion, access to financial services and women’s economic empowerment.
In the United Kingdom, Buckingham Palace announced that Labour leader Keir Starmer has been invited to form a new government. In the General Election results, the Labour Party secured a landslide victory. The Starmer-led party secured 412 seats as per the latest report this evening, marking a resounding win and ending the 14-year governance of Conservative Party.
Keir Starmer became Britain’s 58th Prime Minister.
The Reserve Bank of India (RBI) on 5th July said it has imposed a monetary penalty of Rs 1.31 crore on Punjab National Bank for non-compliance with certain directions related to KYC and 'loans and advances'. The Reserve Bank said it conducted a statutory inspection of the bank with reference to its financial position as on March 31, 2022.
This year on July 6, cooperatives around the world will celebrate the International Day of Cooperatives with the theme "Cooperatives Building a Better Future for All".Cooperatives will have the opportunity to showcase their current and historical contributions to building a sustainable future, accelerating efforts to implement the Sustainable Development Goals (SDG) by 2030
The theme aligns well with the objectives of the upcoming UN Summit of the Future whose theme is "Multilateral solutions for a better tomorrow". More than 12% of humanity is part of any of the 3 million cooperatives on earth.
The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 10,000 on YES Bank for not exchanging mutilated notes, the lender said in its exchange filing. The bank was charged a penalty citing the “Scheme of Penalties for bank branches including Currency Chests” based on performance in rendering customer service to the members of the public.
The RBI has cancelled the licence of Shimsha Sahakara Bank Niyamitha, Maddur (Karnataka) in the wake of its worsening financial position. Consequently, the bank ceases to carry on banking business, with effect from the close of business on July 05, 2024, the Reserve Bank said in a statement.
The Registrar of Cooperative Societies, Karnataka has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank. As per the data submitted by the bank, RBI said about 99.96 per cent of the depositors are entitled to receive the full amount of their deposits from the DICGC.
Universal Sompo has launched intelligence tools ‘Universal i Assess’ and ‘Universal i Gen’ to expedite motor claims settlement. These innovative tools enable surveyors to analyse damages rapidly and produce claims estimates in real time, considerably expediting the claims process. Universal i Assess’ combines neural network image processing, analytics, machine learning.
Writer Arundhati Roy has won the PEN Pinter Prize 2024. She will receive the award in a ceremony co-hosted by the British Library on 10 October 2024. The prize will be shared with a Writer of Courage: a writer who is active in defence of freedom of expression, often at great risk to their own safety and liberty. The PEN Pinter Prize was established in 2009.
Markets regulator Sebi has issued new guidelines to streamline operations and enhance the ease of doing business for credit rating agencies. The circular introduces specific timelines for dealing with appeals made by companies regarding rating actions carried out during periodic surveillance of ratings.
These modifications will be applicable, with effect from August 01, 2024, the SEBI said in a circular. Sebi has also outlined specific timelines for certain types of disclosures, such as a list of non-cooperative issuers that should be updated daily, ensuring that stakeholders are promptly informed about issuers who fail to cooperate with rating agencies.
For disclosures regarding ratings that have not been accepted by issuers, CRAs are required to maintain this information for 12 months. To ensure compliance, the circular will be monitored through the half-yearly internal audit for credit rating agencies, as mandated under the CRA norms, Sebi said.
Bank of Baroda has announced its plans to raise an additional ₹7,500 crore through the issuance of Additional Tier 1 (AT1) and Tier 2 bonds, with board approval secured for the financial year 2024-25. These bonds will be issued in multiple tranches and include an interchangeability option in India and overseas.
In addition, the board has also approved raising ₹10,000 crore through long-term bonds. These funds will be allocated to finance infrastructure initiatives and affordable housing projects, also within the financial year 2024-25. Financially, Bank of Baroda reported an 8.1% increase in net interest income (NII) for the year ended 2024, reaching ₹44,722 crore.
The FSSAI has approved a proposal to display nutritional information regarding Total Sugar, Salt and Saturated Fat in bold letters and relatively increased font size on labels of packaged food items. The amendment aims to empower consumers to better understand the nutritional value of the product they are consuming and make healthier decisions.
The decision to approve the amendment in the Food Safety and Standards (Labelling and Display) Regulations, 2020 regarding Nutritional information labelling was taken in the 44th meeting of the Food Authority, held under the chairmanship of Shri Apurva Chandra, Chairperson, FSSAI.
Bandhan Bank has appointed executive director Ratan Kumar Kesh as its interim head to navigate the daily operations as managing director and chief executive officer Chandra Shekhar Ghosh is all set to step down. The board of the Kolkata-based lender took the decision, pursuant to the approval of Reserve Bank of India.
