GJ Town India

Opaque GJ Trade & Commerce pushes a reluctant Bank financing   All India Gem & Jewellery Domestic Council (GJC) organised first of its kind one-day Gem and Jewellery (GJ) Banking Summit presented by the World Gold Council (WGC) presented at Jio World Convention Centre, Bandra Kurla Complex, Mumbai, on the 18th May 2024.   The Summit was attended by leading Indian government and private bankers engaged directly or indirectly in the gold financing business. The Summit was powered by Yes Bank, Shree Kunj, Kolkata, and supported by Bangalore Refinery, Mukti Gold and Diamond, and Laxmi Diamonds India Ltd.   More than 200 delegates participated in the summit, with experts discussing the financing needs of the industry for a comprehensive growth of the entire value chain from bullion dealers to karigars, craftsman, manufacturers, wholesalers, and retailers. Speakers also deliberated about the risk management facilities available for Indian jewellers, and challenge...

  FM holds meeting for ECLGS, PCGS 2.0   Finance Minister holds meeting with lenders for expediting resolution of loan accounts and reviewing progress of Emergency Credit Line Guarantee Scheme (ECLGS), Partial Credit Guarantee Scheme (PCGS) 2.0 and Sub-ordinate Debt Scheme.   Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman held a review meeting with the heads of Scheduled Commercial Banks and NBFCs through Video Conferencing today to review their state of preparedness for implementation of the loans resolution framework for Covid-19 related stress.   During the meeting, Smt. Sitharaman impressed upon the lenders that as and when moratorium on loan repayments is lifted, borrowers must be given support and Covid-19 related distress must not impact the lenders’ assessment of their creditworthiness. During her interaction, the Finance Minister focused on Lenders immediately putting in place Board-approved policy for resolution, identifyin...

MSMEs to explore the 59 Minute Loan Sanction portal Ministry of Micro Small and Medium Enterprises (MSME) organized a Regional Conference on MSME Financing under National SC/ST Hub Scheme in New Delhi.   Minister of State (I/C) for MSME, Giriraj Singh said in his inaugural address stressed on the need for financial inclusion of small entrepreneurs, without whom the country cannot develop. While appreciating the banking sectors concerns about the Non-Performing Assets and bad debts, he pointed out that where there is need based financing from the banks the recoveries have been more than 99 per cent. He urged the banks to set their priorities in line with the policies and financial guarantees of the Government and provide loans to youth and small entrepreneurs. Talking about the 12 initiatives of the Government for the MSME sector announced by the Prime Minister on 2nd November 2108, Giriraj Singh urged MSMEs to take full advantage of the 59 Minute Loan Sanction po...