AP Chambers seeks RBI's support for MSMEs
Vijayawada: The Andhra Pradesh Chambers of Commerce and Industry Federation (AP Chambers) in a letter to Sanjay Malhotra, Governor of the Reserve Bank of India (RBI) expressed its gratitude to RBI and the Union government for establishing an RBI Regional Office in Vijayawada. AP Chambers also welcomed the appointment of Attah Omar Basheer as regional director and expressed confidence in his leadership.
In the representation to the RBI Governor, AP Chambers president Potluri Bhaskara Rao called this move a vote of confidence in the state's economic potential. The Chambers stated that it is a monumental step for Andhra Pradesh's financial ecosystem and reflects RBI's commitment to decentralised financial governance and inclusive development.
Bhaskara Rao submitted key suggestions to strengthen the MSME sector, which is vital to Andhra Pradesh's growth. Some of them include expansion of access to Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), accepting agricultural land as loan collateral for MSMEs, capping SME loan interest rates at 9 per cent, reducing credit rating dependence for MSMEs, extending NPA classification period to 180 days, establish a permanent MSME loan restructuring framework, mandate TReDS participation for large corporates/PSUs on onboarding of MSMEs on TReDS platform, promoting digital lending and alternative credit scoring MSMEs, and offering financial literacy and risk training for MSMEs.
He also suggested extending lending incentives to banks and NBFCs that actively lend to women-led, SC/ST, and rural MSMEs. He requested the RBI to conduct regular 'Town Hall' meetings to address the concerns of MSMEs.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Gazette
3 hours ago
- India Gazette
India's forex reserves dip by USD 1.02 billion to USD 697.93 billion
Mumbai (Maharashtra) [India], June 29 (ANI): India's foreign exchange reserves (forex) declined by USD 1.02 billion this week after extending gains in the previous week stabilising at USD 697.93 billion, official data released by the Reserve Bank of India showed. The Forex extended their gains, jumping USD 2.294 billion to USD 698.950 billion in the week ending June 13. As on June 20, the data shows that the foreign currency assets declined USD 0.36 billion to USD 589.07 billion. Gold reserves were down by USD 5.73 million to stand at USD 85.74 billion during the week, the apex bank's data shows while the The special drawing rights were down USD 85 million to USD 18.67 billion. Central banks worldwide increasingly accumulating safe-haven gold in their foreign exchange reserves kitty, and India is no exception. The share of gold maintained by the Reserve Bank of India (RBI) in its foreign exchange reserves has almost doubled since 2021, till recently. In 2023, India added around USD 58 billion to its foreign exchange reserves, contrasting with a cumulative decline of USD 71 billion in 2022. In 2024, the reserves rose by a little over USD 20 billion. India's foreign exchange reserves (Forex) are sufficient to meet 11 months of the country's imports and about 96 per cent of external debt, said Governor Sanjay Malhotra while announcing the outcome of the Monetary Policy Committee (MPC) decisions. The RBI governor expressed confidence, stating that India's external sector is resilient and key external sector vulnerability indicators are improving. Foreign exchange reserves, or FX reserves, are assets held by a nation's central bank or monetary authority, primarily in reserve currencies such as the US Dollar, with smaller portions in the Euro, Japanese Yen, and Pound Sterling. The RBI often intervenes by managing liquidity, including selling dollars, to prevent steep Rupee depreciation. The RBI strategically buys dollars when the Rupee is strong and sells when it weakens. (ANI)
India Gazette
3 hours ago
- India Gazette
71% of manufacturing MSMEs say govt-skill training schemes didn't help: Report
New Delhi [India], June 29 (ANI): The government skill and talent initiatives are not effectively reaching the Micro, Small and Medium Enterprises (MSMEs) engaged in the manufacturing activities, as a staggering 71 per cent of small firms say government-run skill-training programmes haven't helped them, according to a report by Cushman & Wakefield. The report observed that approximately 61 per cent of MSMEs stated that government skill and talent initiatives had not reached them, while 39 per cent affirmed that they had received benefits. 'Our survey indicates that government skill and talent initiatives aren't reaching the sector effectively. The gap is widest among small firms; 71 per cent say government skill-training programmes haven't helped them,' the report titled 'Elevating India's Manufacturing Resilience: Charting the Path to Self-Reliance' added. The size of the small firms in the survey was less than 500 employees. MSMEs employed four of every five manufacturing workers and produced 40 per cent of the sector's output. Yet each worker in an MSME generates only 14 per cent as much as a worker in a large plant, the report added. Similar manufacturers in emerging economies have reached almost 30 per cent; in advanced economies the gap is even smaller, the report observed. Apart from various skilling schemes, the government has earmarked Rs 2,500 crore for 12 sector-specific plug-and-play parks to speed plan setup, slash capex, help SMEs and attract Foreign Direct Investments. On the other hand, about 88 per cent of survey respondents said that government infrastructure spending has influenced their capex plans. The 93 per cent of respondents report better operating efficiency and profitability where modern parks and corridors are in place. Notably, 88 per cent of respondents plan to expand operations, driven by infrastructure projects like Bharatmala, Sagarmala, Dedicated Freight Corridors, and the National Industrial Corridor Development. 'India must address deep-rooted cost and capacity gaps--especially in logistics, integrated facilities, and MSME productivity. Plug-and-play industrial parks, multimodal logistics networks, and improved land aggregation frameworks are not just enablers; they are essential levers for converting policy momentum into production-ready outcomes,' said Gautam Saraf, Executive Managing Director, Mumbai & New Business, Cushman & Wakefield. Additionally, 95 per cent reported improved access to logistics, while 94 per cent of large enterprises credited infrastructure upgrades as central to their growth strategies. Despite these advancements, critical challenges persist. High logistics costs, low warehousing capacity (0.2 sq. ft. per urban resident vs. 47.3 in the U.S.), minimal domestic value addition (17 per cent vs. China's 25 per cent), and skill gaps, especially in MSMEs, threaten long-term competitiveness. (ANI)
Time of India
5 hours ago
- Time of India
Bank holidays in India in July 2025: Banks will be closed for 13 days - Check full state-wise list here
Bank holidays in July 2025: According to the official list of bank holidays by the Reserve Bank of India (RBI), banks to remain shut for 13 days in July due to Beh Deinkhlam, Guru Hargobind Ji's Birthday and many other local and religious festivals. If you're planning to visit the bank in July 2025, you should know in advance about the bank holidays in different states of India. These July bank holidays vary from state to state, depending on regional festivals, religious celebrations, and local events. While online banking makes many things easier, like transferring money, checking balances, and paying bills, there are still some services that require a visit to the bank. Knowing the bank holidays in July 2025 can help you plan better. Full List of Bank Holidays in July 2025 (State-wise) Here is a complete list of July bank holidays in India for the year 2025, based on local festivals and observances: July 3, 2025 – Kharchi Puja Where: Tripura Banks in Tripura will remain closed on this day to observe Kharchi Puja, a traditional and important local festival. July 5, 2025 – Guru Hargobind Ji's Birthday Where: Jammu and Srinagar (Jammu & Kashmir) Banks in these regions will be shut to mark the birth anniversary of Guru Hargobind Ji, the sixth Sikh Guru. July 14, 2025 – Beh Deinkhlam Where: Meghalaya This is a significant tribal festival in Meghalaya. All banks will remain closed in the state. July 16, 2025 – Harela Where: Uttarakhand Harela is an important agricultural festival, especially in the Kumaon region. Banks will be closed for the celebration. July 17, 2025 – Death Anniversary of U Tirot Singh Where: Meghalaya Banks in Meghalaya will remain closed in memory of freedom fighter U Tirot Singh. July 19, 2025 – Ker Puja Where: Tripura Ker Puja is another important ritual in Tripura. Banks will remain closed in the state on this date. July 28, 2025 – Drukpa Tshe-zi Where: Sikkim Banks in Sikkim will remain shut for Drukpa Tshe-zi, a festival celebrated by the Buddhist community. Total Bank Holidays in July 2025 Including Sundays and second and fourth Saturdays, there will be a total of 13 bank holidays in July 2025. Here's a quick breakdown: Sundays: 6th, 13th, 20th, 27th Second Saturday: 12th Fourth Saturday: 26th State-specific holidays: 3rd, 5th, 14th, 16th, 17th, 19th, 28th Why Bank Holidays Are Different in Each State In India, bank holidays are not the same everywhere. Each state has its own traditions and festivals, which means banks close on different days in different regions. Apart from these local holidays, all banks across India remain shut on national holidays like Republic Day, Independence Day, and Gandhi Jayanti. Also, banks are closed on all Sundays and the second and fourth Saturdays of every month. What You Can and Cannot Do During Bank Holidays Even though banks are closed on holidays, you can still use internet banking and mobile apps to: Transfer money Check your account balance Pay utility bills Apply for loans However, for some important services, you must visit the bank in person. These include: Cash deposits and withdrawals KYC updates Accessing your locker Solving issues with failed transactions Closing or modifying joint accounts So, it's good to know when banks are closed in your area to avoid any inconvenience. If you need to visit the bank for any important work in July 2025, make sure to check the July bank holidays list in your state. While digital banking is useful, some tasks still need a physical visit. So, plan your banking activities in advance to avoid delays. Stay updated with more holiday updates, regional observances, and financial news to stay ahead! (Note: Dates/timings may be subject to change; details mentioned here are as per the information available.) For more informative articles on historical and upcoming events from around the world, please visit Indiatimes Events.
