Latest news with #AjayKumarSrivastava
The Hindu
2 days ago
- Business
- The Hindu
The helping hand of banks to Tamil Nadu's startup ecosystem
In response to increasing demand and interest from entrepreneurs, banks headquartered in Tamil Nadu are now expanding their network by opening additional branches and specialized cells to support the startups. For many years, banks have played a crucial role in supporting the startup ecosystem. Now, they are also partnering with more incubators and educational institutions. Indian Overseas Bank (IOB), through its startup branch, has established strong network with various stakeholders through District Industries Centre (DIC), National Credit Guarantee Trustee Company Limited (NCGTC) (for credit guarantee coverage) and State government agency. IOB Managing Director and CEO Ajay Kumar Srivastava said: 'The networking and liaising has resulted in various inquiries coming in from all over India. In view of the same, the bank is planning to encourage main branches in startup hubs like Bengaluru, Mysuru, Gurugram and others to tap the opportunity by offering collateral free loans through coverage under CGSS (Credit Guarantee Scheme for Start Ups) or CGTMSE.' The bank has already launched a tailor-made scheme for startups by the name 'IOB Pragati' which it plans to propagate in major centres, he said. Till date, IOB has supported 22 startups with a total funding of ₹73.84 crore. The funding is in the form of both term loan for fixed capital requirement and cash credit for working capital requirement of various firms. The sectors financed by the bank include EV manufacturing, biotech, medical equipment manufacturing, software and IT, food and beverages. Chennai-headquartered Indian Bank is planning to expand its startup branch network beyond its existing ten locations. Currently, the bank has 10 dedicated Startup Cells across major innovation hubs including Ahmedabad, Bengaluru, Chennai, Coimbatore, Delhi, Gurugram, Guwahati, Hyderabad, Kanpur and Mumbai. As of May 2025, Indian Bank has extended financial assistance to over 139 startups, covering diverse sectors such as healthcare, education, consumer services and eco-friendly product innovation. Cumulatively it has disbursed over ₹340 crore under the 'Ind Spring Board' scheme, which was designed to offer tailored, collateral-light financing solutions based on the cash flow potential and business viability of the startup, not just asset backing. Indian Bank's roadmap includes partnering with more incubators and State startup missions to deepen grassroots access besides exploration of partnerships with venture capitalists, fintechs and academic institutions to provide end-to-end support, from ideation to scale-up. The bank also has a strong network with the IIT-Madras Incubation Cell. The collaboration with IIT-Madras Incubation Cell was formalized in 2023 under the Ind Spring Board initiative, with the aim of leveraging their deep-tech ecosystem and co-creating scalable funding solutions. Through this strategic partnership, the bank participates in demo days and pitch events hosted by IIT-M.
The Hindu
29-06-2025
- Business
- The Hindu
FPO conclave on empowering farmers to adopt organic farming was held
A Farmer Producer Organisation Conclave on empowering farmers to adopt organic farming was held in Madurai on Saturday. Over 600 farmers from across Tamil Nadu participated in the event. The event was organised by Infinite Seva, in collaboration with Indian Overseas Bank and supported by Amul and Richplus. Speaking at the inauguration of the conclave, Managing Director and Chief Executive Officer of Indian Overseas Bank Ajay Kumar Srivastava said that the bank believed that the future of Indian agriculture lies in environmentally conscious practices. Lauding the collaboration with Amul and Richplus he said the initiative was to create a comprehensive ecosystem for sustainable growth and build farmers confidence in adopting organic methods. Amul Dairy India Head Gopal Shukla highlighted Amul's long standing commitment to farmer welfare and the support for organic practices through robust procurement systems and fair price mechanisms. Managing Director of Richplus Ashok Sarangan stressed the importance of traceability and quality assurance in organic produce. Chairperson of Infinite Seva Nalini Padmanabhan said the FPOs were the pillars of agricultural development. Executive Director of Indian Overseas Bank T. Dhanaraj and Chief General Manager, NABARD (Tamil Nadu) R. Anand were present at the FPO Conclave. The highlight of the conclave was to promote organic farming and to extend liberal bank finance to farmers. IOB has entered an MoU with Amul and Richplus for promoting organic farming and has created a co-branded card enabling farmers to buy organic materials at a special rate, said a press release issued by the organisers.
The Print
06-06-2025
- Business
- The Print
RBI repo cut by 50 bps strong, timely policy shift: Experts
Besides this, the revision in CPI inflation to 3.7 per cent for 2025-26 also shows the central bank's confidence in inflation being aligned with the four per cent target, he said. Managing Director and CEO of Indian Overseas Bank Ajay Kumar Srivastava said in a statement that the move indicates a strong and timely policy shift that aligns with balancing growth with price stability. Kolkata, Jun 6 (PTI) Experts on Friday welcomed the decision of the Reserve Bank of India (RBI) to reduce the repo rate by 50 basis points to 5.50 per cent and cash reserve ratio (CRR) by 100 basis points in four tranches. According to Srivastava, the decision in the CRR cut is expected to release Rs 2.5 lakh crore liquidity in the system, which will ease credit conditions in the banking sector. Siddhartha Sanyal, chief economist of Bandhan Bank, said, 'The central bank sprang several surprises. The rate cut by 50 basis points came as a surprise as our expectations were 25 basis points. The larger than expected rate cut brings in more focus on the transmission of the monetary policy actions into the real economy.' Sakshi Gupta, principal economist of HDFC Bank, said that the RBI delivered a surprise monetary bonanza. 'This reflects the central bank's endeavour to spur aggregate demand in the face of global headwinds,' Gupta said. 'The RBI kept its growth forecast unchanged at 6.5 per cent while reducing inflation estimate to 3.7 per cent for the current financial year,' the economist said. Chief investment officer of Axis Securities PMS, Naveen Kulkarni, said that the RBI's decision to cut rates by 50 basis points was a surprise. 'The decision of the central bank to cut rates by 50 basis points came as a surprise against our expectations. Softening inflation trends, expected to remain below the tolerance limit, will lead to demand recovery,' Kulkarni said. PTI dc SBN SBN This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Hans India
06-06-2025
- Business
- Hans India
Top bankers hail RBI's big bang measures to boost financial inclusion
New Delhi: Top bankers on Friday hailed the Reserve Bank's decision to reduce repo rate by 50 basis points to 5.50 per cent and cash reserve ratio (CRR) by 100 basis points in four tranches, saying the policy move is expected to provide the necessary drive for credit expansion in priority sectors which will enhance the financial inclusion. Besides this, the revision in CPI inflation to 3.7 per cent for FY26 also shows the RBI's confidence in inflation being aligned with its 4 per cent target. "The decision in CRR cut, which is expected to release Rs 2.5 lakh crore in primary liquidity, will ease credit conditions in the banking system. This overall policy reflects a well-calibrated and thoughtful approach with the GDP projected at 6.5 per cent in FY26 and a steady quarterly trend," said Ajay Kumar Srivastava, MD and CEO, Indian Overseas Bank. The pickup in non-gold imports and a 14 per cent increase in gross FDI also indicate robust domestic demand and global investor confidence in India's structural strength. These steps, said bankers, will ensure the durability of the nascent resurgence in the domestic demand led by private spending. "The key learning from the policy is that the central bank is not leaving any stones unturned to ensure price stability, at the same time doing everything it takes to support growth," said Vinod Francis, General Manager, Chief Financial Officer, South Indian Bank. With tariff uncertainty casting a long shadow over external demand (exports), the RBI's sharp focus on supporting domestic demand and enhancing the lending power of the banking sector underpins its policy path during the current easing cycle by addressing key concerns on both demand and supply sides, he mentioned. The MPC has surprised markets with a big bang set of measures. This clearly comes from the perspective of frontloading actions to enable support to growth, considering the lag effects of transmission. "At the same time, the shift of stance to neutral has meant that the policy rates may possibly level off at 5.50 per cent in the current cycle. However, this would remain a moving target with incremental data points likely to shape the outcome," according to Rajeev Radhakrishna, CIO, Fixed Income, SBI Mutual Fund. Indranil Pan, Chief Economist, YES BANK, said the RBI now focuses on the transmission mechanism, which has been slow to start with and is still not significantly visible for the credit markets. The significant CRR reduction would ensure a lowering of the cost of funds for the banking system, thereby ensuring transmission of the 100 bps repo rate reduction. "Going ahead, we still think there is a chance for a last 25 bps cut, but the timing of the same remains uncertain," Pan added.
The Hindu
29-05-2025
- Business
- The Hindu
IOB, Amul, Richplus to promote organic farming
Indian Overseas Bank (IOB) has entered into a tripartite Memorandum of Understanding (MoU) with AMUL, India's largest dairy cooperative, and Richplus, AMUL's organic farming partner. According to the stakeholders, this MoU will promote organic farming and help in rural empowerment. Ajay Kumar Srivastava, Managing Director & Chief Executive Officer of IOB said about one lakh farmers will be onboarded through this initiative. 'This partnership is a remarkable step toward reshaping Indian agriculture. By combining our strengths, we can create a transformative journey for farmers, allowing them to embrace sustainable practices that enhance their livelihoods,' said Amit Vyas, Managing Director of of AMUL. A co-branded Organic Farming Card for IOB account holders was also launched. This card offers farmers access to discounted organic inputs through AMUL's certified outlets and other benefits including free agronomist support, training opportunities, and high-quality seeds. IOB will also introduce a dedicated credit scheme 'Harit Kranti ', tailored to the needs of organic scale the initiative, a series of organic farming conclaves will be organized, beginning with a major FPO meet in Madurai in June, followed by events across Tamil Nadu.
