Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« General »
Open DEMAT Account in 24 hrs
 How to calculate income tax on stock market gains along with your salary?
 Moonlighting for Additional Income? Know Its Tax Implications
 Have you claimed education cess? Be prepared to pay tax as per the new rules
 Reserve Bank - Integrated Ombudsman Scheme, 2021 (RBIOS, 2021)
 How is tax computed for selling a house?
 How much tax do you pay on equity investments?
 Fuel taxes: Centre s gains striking since FY16
 Tax rules for NRIs on sale of assets located in India
 ITR filing: Know tax rules that apply to freelancers in India
 Delhi Real Estate News: NDMC extends last date for property tax payment with amnesty scheme
 Citizens must file THESE ITR related forms before due date Income Tax Returns

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 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting