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Finance Current Affairs 5th Week 2017
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Category : Finance
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Finance Current Affairs 5th Week 2017

 1. Bank of Baroda Launches Digital Supply Chain Finance Solution.

Public lender Bank of Baroda has launched a supply chain finance solution to ensure working capital loans to small and medium enterprise and large corporate clients.

The solution will include services like pre and post-shipment products – dealer or channel finance, vendor finance and payable finance. 

“We have kept the design and framework of technology and processes for the supply chain finance product such that it will augment the growth drivers for both large corporate and MSME clients,” Mayank Mehta, Executive Director, Bank of Baroda.

This service will accelerate working capital loans by enhancing reporting capabilities. It will bring down the risk and ensure greater satisfaction to the clients.

Small and Medium Enterprises (SMEs) are reporting greater demand for finance, particularly debt. However, out of the total financial requirement, more than three fourth is either self- financed or generated via informal sources. The rollout of the Goods and Services Tax (GST) has also boosted the requirement for finance in the industry.

2. Arun Jaitley launches Paytm Payments Bank.

Finance Minister Arun Jaitley, during the inauguration of the Paytm Payments Bank on Tuesday, said the modern technology had changed the entire dynamics the way banking was done in the country. He said with the government`s continuous push towards digitalisation of the economy, the notion of cash being a predominant instrument was changing and that people were switching over to modern and better ways of doing things. He said those who embrace technology would move ahead and those who would fail to accept it would feel isolated.

"We all are realising that convenience, security and even proprietary lie in switchover itself. The conventional mind will find it extremely difficult to accept this, but then the whole mass below itself will change and only isolated cases will find them as an exception," said the Finance Minister. He added: "Earlier, we perceived banks to be brick and mortar branches. In fact, my fraternity in politics is still reasonably behind times. I still get representations during Parliament session from my colleagues who only insist on brick and mortar branches to be opened in their constituencies."

Jaitley said the present government`s focus to formalise the economy through structural reforms and substantial use of technology had set off a chain reaction in financial inclusion. "We had almost reconciled to the fact that the economy would be substantially informal. It`s only on its own strength that it will take decades or maybe, centuries to formalise itself and that no shake-up from the system was required. But several policy initiatives that the government took one after the other have set off a chain reaction that is visible in various ways," he said.

 "In the last 2 years and the next three years, we would have invested Rs 18,000-20,000 crore. I don`t want to talk about profitability right now because we are still in an investment phase," Paytm founder and CEO Vijay Shekhar Sharma told reporters here. Sharma said its platform processes about 250 crore transactions annually worth of Rs 80,000 crore. "We expect this to grow to Rs 1 lakh crore by the end of the fiscal. The number of merchants on our platform will also touch 60 lakh in a few months," he added.


 

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