sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« General »
 RBI-Special Deposit Scheme (SDS)-1975 Payment of interest for calendar year 2018
 How senior citizens can avail tax break on interest income under Sec 80TTB a
 Listed companies paid a little less than a third of corporate tax in FY18
 Gifts received from relatives are not taxable
 Income tax return benefits: National Pension System (NPS) also offers this 'hidden' tax relief
 Big 4 audit companies may suffer revenue hit due to conflict of interest norms
 How much tax do you pay on your bond investments?
 Companies rush to reconcile financial results with state wise audit, seek extension of deadline
 Interim budget may include income tax announcements, says report
 All you need to know about tax benefits for senior, super senior citizens
 Where to invest money for the short term

ASSOCHAM: RBI move dampening investment
June, 17th 2011

Raising of interest rates by the Reserve Bank of India (RBI) can be a dampener on the investment climate in India, President of the Associated Chambers of Commerce and Industry of India (ASSOCHAM) Dilip Modi said.

He was reacting to the RBIs decision to increase headline rates by 25 bps in the Mid-Quarter Monetary Policy.

Speaking to presspersons after releasing their report Karnataka: Next Growth Leader in the Making during the inauguration of the national conclave on microfinancing, Modi said that hiking rates could also lead to reduced investment, which on contrary is an urgent requirement. This would also lead to lower capital formation, he felt.

Earlier in the day, he stressed the need for it, which could in turn benefit micro financing institutions. Talking on the theme of the conclave Strangulate or regulate he said that the micro financing sector is close to `30,000 crore in outstanding loans to 30 million borrowers.

Micro finance in Karnataka is [worth] about `2,000 crore, he said and added, Karnataka has set a target of achieving financial inclusion on all villages with a population of 2,000 or more by 2012.

Statistics

Adding to this, Minister for Rural Development Jagadish Shettar, said that the growth rate of microfinancing in the state had gone up by 64 per cent, as against the national average of 42 per cent in 2008-09.

The total number of clients of micro financing has reached 3.2 million apart from 3 million clients from 2,32,000 Self Help Groups (SHG), he noted.

Sharing statistics, Shettar said that they have formed 7,691 SHGs out of which 88,794 Swarojgars (beneficiaries) have been doled out `72.4 crore and the department has also facilitated to get a loan of `188.3 crore from various banks.

Further, he said, In 2009- 10, 7,018 SHGs have been formed, of which, 91,366 Swarojgars received `78 crore, and `196 crore was raised from various banks. He added that in the last fiscal, 7,388 SHGs were formed, out of which 1,04,527 Swarojgars had been funded `82 crore and raised `231 crore from different banks.

Vijaya Bank Chairman and Managing Director (CMD) Upendra Kamat said that nearly 120 million households were not part of financial inclusion.

Further, he said that financial inclusion should not be limited to giving subsidies alone. He said it should translate into providing them with accessible and affordable credit.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions