Business Daily News

PM Modi Calls the Inclusion of Retail, Wholesale Traders as MSMEs ‘landmark’ Step, Says Committed to Empowering Traders.

Prime Minister Narendra Modi termed revised guidelines for MSMEs as a landmark step. He said that this move would help the traders boost business. It would also give them various benefits. Traders were waiting for this decision for since long.

Union Minister of MSMEs and Road Transport and Highways, Nitin Gadkari on Friday announced revised guidelines for MSMEs with the inclusion of retail and wholesale trade as MSMEs. Official sources explain that the move will have an immediate impact on smaller retailers and wholesalers with businesses up to Rs. 2.5 crores. He tweeted that retailers and wholesalers will come under the definition of MSMEs.

Earlier traders and wholesalers were facing lots of problems when they were not considered MSMEs.While applying for the loan they were not considered in the definition of MSMEs and hence never get any financial benefit out of it. Now every business person can get the benefits for the same. This is really an appreciable step for all traders and businessmen.

What is Udyam Registration Portal?

udyam portal

Udyam Registration Portal helps the business person to get the Government tenders. Due to Udyam, the loans get cheaper. The interest rate on these loans is up to 1.5% lower than the interest rate on regular loans. For the facilities, Higher preference is always given to businesses that are registered under Udyam for Government licence and certification.

All the traders and wholesalers will now be able to register themselves on the Udyam portal under newly revised guidelines.

How much time does it take?

Udyam registration takes around four to five working days for the issuance of the certificate. Usually, you get an email alert with the registration number and important details regarding the certification.

Is GST mandatory for Udyam MSME registration?

No, the GSTIN number is not mandatory for registration. The Ministry of Micro, Small, and Medium Enterprises notified that there is no need for GSTIN for MSME Udyam registration.

With this Traders will be availing of immediate-term finance as part of various schemes announced under the “Atma-nirbhar Bharat” program. this landmark decision will have a structural impact on the sector. It will be further formalized by giving better finance options for businesses that went to get structured. In addition to it, it will give retail MSMEs the support they need to survive, revive and thrive.

Interestingly, Retail and trade associations have welcomed the move. They say it will enable traders to get access to needed capital having been impacted greatly due to the pandemic.

For more such updates, keep watching this space!

Business Daily News

Mukesh Ambani and Gautam Adani: Two Billionaires, One Green Energy Ambition

Ambani’s Reliance Industries and the Adani group have ambitious projects around the world. Together they are planning to work on Green Energy projects in the country. They were working on it, but they have come together to boost the green energy projects. Our country has been witnessing a gradual economic slowdown and signs were visible since 2019.

Due to which a severe impact had been seen on all sectors and subsectors of the economy. Whereas some sectors such as telecommunication and medicine have seen a boost. Other promising sectors are petroleum and refinery.

Reliance - Mukesh Ambani all the way to Green Energy

Mukesh Ambani all the way to Green Energy

Mukesh Ambani is the business tycoon of India. He has paved his way to the top with his vision, skills, and understanding. Ambani has leaned towards data-driven consumer businesses like retail and telecom.

Adani groups green energy projects
Mukesh Ambani - The business tycoon of India

During the Pandemic he has raised $44 billion and made much more profit. Recently Ambani’s Reliance Industries Limited (RIL) collaborated with Alphafel a Google subsidiary and promised to launch smartphones at affordable to common people of India. This startup has fetched 40 million-plus subscribers. Also, RIL is making way to do business with Saudi’s biggest Petroleum company Aramco. If a similar hunger is shown in Green Energy other start-ups might have to rethink their strategy.

Adani Green Energy Limited

Adani Green Energy

On the other hand, Adani Green Energy Limited is reaching to the glory in business in infrastructure and utilities, and focussing on Green Energy as well. Mukesh Ambani is the business tycoon of India. He has paved his way to the top with his vision, skills, and understanding. Ambani has leaned towards data-driven consumer businesses like retail and telecom. There are two companies RIL and Adani Green energy limited. If they collaborate, they will definitely boost up India’s vision of a target of green Energy of 450 Gigawatt. Ambani wants to meet the 100-gigawatt target alone by 2030.


These groups have the ambition to meet India’s Mission of producing 450 GW of green energy by 2030. It is a very good initiative and India needs this at its best. But there may be some negative impacts also behind this. Consequently, it might be possible that other MSMEs and new startups collapse. Soon, we might see the monopoly of a few MNCs in different sectors such s Telecom, Petroleum, and Refineries. Moreover, it may hinder the goals of sustainable development “Sabka Sath Sabka Vikas”.

For more such updates, keep watching this space!

Business Daily News Education

Home Insurance: All about Bharat Griha Rakshak policy

In this article, you will find all the basic information about the Bharat Griha Raksha insurance policy that you can purchase. The policy provides insurance cover for your home building and home contents. Insurance makes you free from worries of upcoming damages to your house.

Insurance Covers

  1. Home Building Cover- that covers any loss, damage, fire, calamities, or destruction of your home building.
  2. Home Contents Cover- that covers articles or things in your home.
  3. Optional covers-
    1. Cover for valuable contents on agreed value basis
    2. Personal Accident Cover
home loan policy

According to policy, what are the Dos and Dont's

  1. While filling up the proposal form-
    • Read the instructions in the proposal form carefully before filling up the details.
    • Understand the basis for arriving at the sum insured for both home building and home contents before filling up the details. It is also explained in the sum insured section.
    • Fill up the proposal form completely and answer all the questions carefully.
  2. Your obligations during the policy period-
    • Take care to prevent theft, loss, or damage to your home building and home contents.
    • Inform if there is any change in circumstances such as change of address, details of additions or alterations to Home Building, etc
    • Do not allow unauthorized persons to occupy Your home building.
  3. Your obligations when you have a claim-
    • Give notice of loss to the policy provider, as required
    • Inform the respective authorities, as required.
    • Make true and full disclosures in your claim form.
    • Give all documents supporting the claim.

Sum Insured

For Home Building

The maximum amount we pay under this insurance policy is the sum insured which is based on the prevailing cost of construction of your home building. at the commencement date of the policy. Premium is calculated with reference to the amount of sum insured.

If you have purchased a policy of more than one-year duration, the sum insured will automatically increase each year by 10% for home building cover. There will be no additional premium for this increase.

For Home Contents

The insurance policy has inbuilt cover for the General contents of your home equal to 20% of the sum insured for home building subject to a maximum of rupees 10 lakhs if you have opted for both some building and home contents cover. You can choose a higher sum insured by declaring it in the proposal form and paying an additional premium.

If you have purchased only home contents cover, you have to declare the sum insured for general contents. This policy covers general contents that are usual in any home i.e., furniture and fittings, television sets, telephones, electronic items, antennas, water storage equipment, air conditioners, kitchen equipment, and other household items.

Optional covers

You must apply for these insurance covers, and pay an additional premium. It covers Valuable contents of your home such as jewelry, silverware, paintings, works of art, etc. It provides the waived requirement of valuation certificate if the sum insured opted is up to rupees 5 lakh and individual item value does not exceed rupee one lakh.

For more such updates, keep watching this space!

Business Daily News

HDFC Bank To Refund GPS Device Charge To Clients


HDFC bank announces that they will return its auto loan customers the commission charged for a GPS device bundled with the loans from fiscal 2014 to 2020. In a public notice, HDFC announces the refund and other important updations. The customers can expect the credit to the accounts as registered with the bank. This refund may cost nearly Rs 40 crore to the bank. This is a very small outgo for the bank. But, obviously, the scam causes embarrassment to the management.


Last year it came to the highlights that some employees at the auto loans department allegedly forced customers to buy GPS devices bundled with car loans. Also, there were some customers who were not even aware of purchasing such product, till the loan documents were checked. It was for the period between the years 2014-2020.

The employees in desperation to meet the sales target, started forcefully bundling the GPS devices with car loans.

What did the officials say?

The misconduct by HDFC bank officials was acknowledged by the former MD and CEO. The former dignitary Aditya Puri in the bank’s AGM mentions that an internal probe was conducted against a few erring employees. Appropriate action was taken further,” he added.

The Reserve Bank of India recently fined HDFC Bank 10 crore for irregularities found in its auto loan book.

The regulator said that after receiving a complaint from a whistleblower, it conducted an examination in the marketing and sale of third-party non-financial products to the bank’s auto loan customers. The RBI said it had found that the bank was in contravention of regulatory directions.

RBI Imposes penalty based on a whistleblower complaint

Aditya Puri is the former MD and CEO. The company’s annual general meeting held on July 18, 2020. He said, “We had received some whistle-blowing complaints. The internal inquiries carried out in the matter on the complaints received has not brought out any conflict-of-interest issue, nor does it have any bearing on our loan portfolio”.

After the internal probe last year, HDFC terminates at least six senior and mid-level executives. All the executives were allegedly engaged in activities that are considered to be corrupt. Certain activities violate the code of conduct of the bank.

For more such updates, keep watching this space!

Advices Business Education Finance Financial Advice

Secured Loan – What it is and When to take it?

Secured Loan

A loan against collateral or Secured loan is a type of loan where the borrower takes debt against collateral. In other words, the borrower pledges a valuable asset as a security to the financer. This type of loan is called a Secured loan because it provides security to the financer for their money.


In most cases the borrower use secured loans to finance a commodity like a house, vehicle, etc., here the borrower pledges the purchased commodity as collateral. Alternatively, the borrower can take a loan by pledging their stocks, property, jewelry, fixed deposits, etc.

Why Secured Loan?

From Borrowers perspective Secured Loan offers greater flexibility, longer repayment tenure, and higher loan amount than an Unsecured Loan.
For lenders, it offers more security and lowers the risk of default by borrowers. In case the borrower fails to pay the loan, the lender can recover their money by selling the asset pledged.

Types of Secured Loan

  • Mortgage loan
  • Home loan
  • Vehicle loan
  • Secured Business Loan

Eligibility Criteria for a secured loan

  • Applicant must be an adult (above 18 years of age)
  • Some Financers expect you to have an annual income greater than a prescribed amount. Although the income can come from business, regular salary, or non-salaried resources.
  • Applicant must have an asset whose valuation matches or exceeds the loan

Pros and Cons of Secured Loan


  • Lower Interest Rate than an unsecured loan.
  • More Flexible repayment options.
  • Can offer Longer repayment tenure.
  • Faster Loan Approval
  • Loans are Customizable to cater to specific needs.
  • Can be availed by a non-salaried person.
  • Offers Higher Loan amount than an unsecured loan
  • A guarantor is not required
  • Can be availed even at a low CIBIL score. Moreover, it improves the CIBIL score when the loan is fully paid.
  • Lenders have more confidence and security for their money.


  • Seizing of collateral in case of default in repayment of the loan.
  • The money borrowed can only be used for a specific function as per the loan agreement.
  • It involves Heavy Paper Work more complex than an unsecured loan.
  • It expects that the applicant has full ownership of the collateral pledged.
  • Longer repayment tenure also means a greater total amount in repayments
  • Even after the bank seizes the collateral, any income you generate will go straight to the bank. More often than not, applicants keep paying only the interest and fines whereas the principal amount remains the same.
  • Default on the repayment can heavily reduce your CIBIL Score.

Even with many advantages of a secured loan. It is always wise to plan your finances because defaulting on a secured loan is very brutal for your financial health.

How to compare Secured Loan?

compare loan

Before making any purchase, a good rule of thumb is to compare what other options are available in the market. A secured loan is no exception to this rule, and hence it is important to compare every proposed offer against your assets. While making a comparison among secured loan look for the following factors:

  • The type of collateral required to secure the loan.
  • Minimum and Maximum loan amount.
  • The interest rate for the loan
  • Any additional fees charged by the lender, such as processing fees, prepayment penalties, etc.
  • Credit Score and Income requirement of the loan.
  • Proper analysis of the loan agreement and whether or not it suits your financial aspirations.

Secure or Unsecured, taking a loan is no joke and has many risks involved, so before taking any type of debt you must ask a few questions to yourself.

  • Do I really need this debt, and what other options are available to me.
  • How this debt will affect my life in the best and the worst-case scenario.
  • How much loan I can afford and how little do I really need.


For more such updates, keep watching this space!

Business Daily News Education Finance

Buzzing Stocks: LIC Housing Finance, Lupin, Wipro and other stocks in news today

Indian Stock market is expecting to see some buzzing trends on Wednesday. Nifty futures on Singapore Exchange traded 24 points, or 0.15 percent lower at 15,830. Is Dalal Street was headed for a negative start? In this article, we will explore stocks that are making a big buzz today.

Quarterly announcement

CESC, Asahi India Glass NSE -0.66 %, Rites, Somany Ceramics, Welspun Enterprises, Nureca, RSPG Ventures, Olectra Greentech, DIC India, EKI Energy Services, and Manaksia Steels are going to announce their March quarterly earnings today.

LIC Housing Finance

India’s second-largest mortgage financier reported a 5 percent decline in its profit after tax at Rs 398.92 crore in the quarter ended in March 2021. The trend is seen due to the higher provisioning for bad loans.


Life Insurance Corporation of India (LIC) acquired a 2.019% stake in Lupin via open market transaction. The net share of LIC increased from 4.61%. to the stake of 6.629%.

Kolte-Patil Developers

Pabrai Investments Funds sold their 2.1% stake in the Kolte-Patil Developers Limited through open market transaction, reducing their stake from 7% to 4.89%.

Globus Spirits

Templeton Strategic Emerging Markets Fund IV LDC sold equity shares of 2.36 lakhs in Globus Spirits which are at Rs 430.18 per share on the National stock exchange.

stock exchange

Jagran Prakashan

Franklin Templeton Mutual Fund sold 16,17,687 equity shares in Jagran Prakashan at the rate of Rs 61.79 per share on the National stock exchange.

Zee Learn

Morgan Stanley Asia (Singapore) Pte – ODI sold 40,18,490 equity shares in Zee Learn at the rate of Rs 18.69 per share on the NSE.

Newgen Software Technologies

Three promoters of the IT services firm Newgen Software Technologies offloaded shares worth over Rs 335 crore or a stake of 10.55 percent of the firm through open market transactions.

Hindustan Organic

The company reported consolidated profit at Rs 7.5 crore in Q4FY21 against a loss of Rs 20.39 crore in Q4FY20. Its revenue increased to Rs 110.55 crore from Rs 92.75 crore YoY.

up-down shares

Motherson Sumi,
Aster DM

Motherson Medical has joined hands with the research arm of Aster DM Healthcare to test and validate diagnostic devices and solutions. The company and MIMS Research Foundation Trust have come together to impact lives globally by delivering innovative and technology-driven diagnostic solutions.

KPI Global

KPI Global Infrastructure has signed a new long-term Power Purchase Agreement (PPA) with Polycab India, Vadodara. The deal expects the sale of 5.70 MW solar power for different units of KPI Global Infrastructure, for a period of 20 years, under the Independent Power Producer (IPP) business vertical.


ICRA assigned a credit rating for Rs 570 crore limit of line of credit to Isgec Hitachi Zosen. It is a subsidiary and joint venture company of Isgec Heavy Engineering.


The company reported a lower consolidated profit at Rs 3.78 crore in Q4FY21 against Rs 16.9 crore in Q4FY20. The revenue rose to Rs 233.8 crore from Rs 226.44 crore YoY.

Videocon Industries

Videocon Industries Limited will be delisted from Bombay Stock Exchange and National Stock Exchange in accordance with the order of the NCLT. The company has given intimation to the stock exchanges. It fixed the record date as June 18, 2021, for the delisting of its equity shares from BSE and NSE.

For more such updates, keep watching this space!

Business Daily News Education Finance

RBI Aims to Tackle Microfinance Burden

Reserve bank of India raised the lending cap for MFIs (Microfinance Institution) to Rs 1.25 lakh. RBI stated that the primary objective is to address the concerns related to the over-indebtedness of microfinance borrowers. The decision is to enable the market mechanism. It is considered to bring the interest rates downward in the microfinance sector. This is a framework that will regulate microfinance loans.

RBI and Finance institutes

Microfinance Sector

It consists of more than 3000 microfinance companies MGIs, NGOs, and MFIs. These are financial companies that provide small loans to people who do not have any access to bank facilities. In India, all loans worth Rs 1 lack or below comes under microloans.

Finance sector

Moreover, the top microfinance companies in India are estimated to account for almost 74% of total loans outstanding. These are the bankers and leaders who provide microfinance services. These services can be deposits, loans, payment services, money transfers, and insurance.

It serves the needs of economically marginalized populations. Bandhan Financial services limited is the largest microfinance company based out of Kolkata. MFIs in India are of two kinds. Those regulated by the Reserve Bank of India are called Non-banking financing companies, or NBFC MFIs. And some are those which are run by non-profit trusts and societies.

Breaking Barriers defined in the decision

  • A common set of rules for microloans, irrespective of the lender
  • Microloans to cap at 50% of the household income to avoid indebtedness
  • Interest rate cap on MFIs to go, allowing multiple lending
  • All lenders have to spell minimum, average, and maximum rates
  • A common definition of microfinance loans for all regulated entities
  • No pre-payment penalty
  • no requirement of collateral
  • greater flexibility of repayment frequency
micro Finance

According to the RBI, there should not be any pre-payment penalty. There should not be any disclosure of pricing. The associated data needs to be an ordinary simplified sheet. However, should display a common interest charged on these loans.

For more such updates, keep watching this space!

Advices Budgeting Business Education Financial Advice Personal Strategy

When and How to get a loan?


Short on cash? Whether it’s a trip you’ve been planning, a car you want, or just a sudden shortage of money there could be many reasons why a loan is your best option. In this article, we will discuss when the loan is right for you and how you can get financed.

Loan - What is it and How it works?

It is an agreement between the borrower and a lender, where the borrower borrows money from the lender. And the lender receives a legal document that ensures the repayment of the money borrowed. Both borrower and lender can be an organization or an individual.

Types of Loan

Types of loans

These can be classified into two types based on the security provided:

Secured Loan

In a Secured Loan, the borrower pledges security for the money that they are borrowing. Here, the securities are the assets that can be sold if the borrower defaults on the repayment of the loan. In this type of loan Lender have security for their money.

Unsecured Loan

Unsecured ones are riskier than Secured loans as per the lender’s perspective. These loans do not require collateral, however, the eligibility criteria are more strict in Unsecured than Secured Loan.

Further loans can also be categorized on the basis of their purpose. To list a few we have,

  • Education
  • Home
  • Personal
  • Car or Vehicle
  • Business

Different types of loans have a set of similar eligibility parameters along with other specific parameters according to the loan type. Also, every lender defines their eligibility criteria differently.

Types of Lender:

There are many financers in the market that provides loans. These financers can be categorized into:

  • Banks
  • NBFCs
  • Private Financers (Individuals or corporations)

Different finance offers different loan products i.e. different interest rates, tenure, collateral, etc.


What financers look for while evaluating your application?

Before issuing any loan, every financer performs some eligibility checks on the borrower’s profile. In most cases financers are looking for profiles that have:

The interest rate is often based on the below features of a borrower’s profile.


Documents required

Loan application

For Salaried Applicants:

  • Application form with photograph
  • Identity and address proof
  • Last 6 months’ bank account statement
  • Latest Salary Slip
  • Form 16

For Self-Employed Applicants:

  • Application form with photograph
  • Identity and address proof
  • Last 6 months’ bank account statement
  • Proof of business
  • Business profile
  • Income Tax returns (self and business) for the last three years
  • Profit/loss statements and balance sheets of the last three years

When should you apply?

Before you apply for a loan, you should be aware of your financial situation. It is you who must pay back the amount later. Proper planning for your personal finances is necessary to ensure good financial health.

How to apply?

To apply for the loan, you can either go to the bank and talk to the bank officials or steer past all that and apply online. We will discuss the procedure in the following steps:

  1. Choose the lender you’d wish to borrow from that supported your research and check for your eligibility.
  2. To apply, you should visit their bank branch or go through their official website.
  3. Read the form carefully before signing in anything.
  4. Submit or upload all the necessary documents mentioned in the application form.
  5. Wait for the bank’s response, it can take from few minutes to few days. The bank will process your application and respond accordingly in a stipulated time.

It is always advisable to read all the documents carefully and discuss every clause thoroughly until nothing remains vague. Never take a loan unless you absolutely need it. Defaulting on the EMIs can lead to an unpleasant situation that is not good for your financial and mental well-being.

For more such updates, keep watching this space!

Budgeting Business Daily News Education

What to look for, while filing an Income Tax return this year.

The Income-tax department of India introduces some changes in the Income-tax filing process every year. The taxpayers need to be aware of these changes. It is better to have awareness and make no mistakes in the tax filing process or the tax forms.

The Income tax is levied on the income earned in India, by all the individuals, partnership firms, and corporates as per the Income-tax Act of India. In the case of individuals, if their income is above the minimum threshold limit. The tax is levied as per the slab system given by the Income Tax Department of India.

Income Tax Slab

tax return

In India, a slab system governs the tax levied on an individual taxpayer. A slab system means different tax rates for different income ranges. Tax slabs generally increase the tax rates as the income increases; this system ensures fair taxation in the country. These income tax slabs go through certain changes every financial year.

Whether you are filing a tax return for the first time or if you’ve been in the game for long. It is advisable to keep an eye on these factors while filing your tax return for FY 2020-21.

Income Tax Slab Rates for the Financial year 2020-21 (AY 2021-22)

In this new regime, taxpayers have options to pay their income taxes as per the new regime or to continue with the old regime. The new regime offers to tax at a lower slab rate but the taxpayer has to forgo various deductions and exemptions available under the old regime. Or, The assessee can continue with the rebates and exemptions by staying in the old regime and paying tax at the existing higher rate.

It is advisable that the taxpayers must choose their regime at the beginning of the year. However, if you were not able to make the planned investments or expenses against which you could claim the tax deduction under the old regime. You can switch to the new one if it is resulting in lower liabilities for you.

Extension of date

The last date for filing ITR (Income Tax Return) is extended to 30 September. However, it doesn’t provide any relief from the tax liabilities. If you have an advance tax due, you may need to pay the penal interest. Hence, it makes sense to file the ITR as soon as possible. This will also help in the faster processing of your tax refunds.

Changes in tax forms

The tax department notifies about the income tax forms every year after incorporating any changes. Therefore, It is necessary to be aware of these changes in order to choose the right ITR form.

This year, there are certain changes introduced within the eligibility criteria of ITR 1, which is generally used by salaried taxpayers.. For this year, A person can not file ITR 1, if their TDS (Tax Deducted at Source) has been deducted for cash withdrawal under Section 194N. Or if the person has deferred tax on employee stock options (ESOPs) received from the employer.

Unclaimed deductions

In case you forgot to submit the proof of investments like life insurance, or health insurance premium with your employer and the tax has already been deducted. You can still claim these deductions at the time of filing ITR and claim a refund of the tax paid.

To ease the process, it will be better to collect all the documents like Form 16, Form 26AS and bank statements before filing your Income Tax Return.

For more such updates, keep watching this space!

Business Daily News Education

RBI Increases ATM Transaction Charges

Reserve Bank of India changes rules and regulations from time to time regarding charges of ATMs. We will discuss these new changes in this article. How much of the charges increased and what are the interchange charges for ATMs. changes rules and regulations from time to time regarding charges of ATMs. We will discuss these new changes in this article. How much of the charges increased and what are the interchange charges for ATMs.

RBI has permitted banks to increase charges for cash and noncash ATM facilities. Free monthly transactions will remain the same as before. Bank customers will have to pay Rs. 21 per transaction instead of Rs. 20 w.e.f January 1, 2022.

To compensate the banks for the higher interchange fee. They are allowed to increase the customer charges to Rs 21 per transaction. RBI stated in the circular that it will benefit from 1 January 2022.

What is an interchange fee?

interchange ATM fee

An interchange fee is an amount that a card-issuing bank pays to ATM operators in case its customers use an ATM that does not belong to it.

From August 1, 2021 banks are given a permit to increase the interchange fees per transaction from Rs. 15 to Rs 17 for financial transactions. For all non-financial transactions, it is Rs 5 to Rs 6 in all centers, the circular stated.

The interchange fee has been a bone of contention between banks and ATM deployment companies. Consequently, the charge is divided between the acquirer and the ATM companies. And this is the reason banks encourage the customers to use their own bank ATMs.


The revised charges are based on the report by a committee constituted by the RBI in 2019. The chairman of the committee is VG Kannan, the then chief executive of IBA (Indian Banks’ Association).

For more updates like this, keep watching this space!