Public sector lenders gear up to renew focus on tea sectorAssam government has indicated that it would consider higher usage of unused land in tea estates on a case-to-case basis for business diversification. Earlier, it had restricted the use of idle land to just 5%. West Bengal too has decided to allow the tea garden owners to use up to 15% of the unused land within the tea estates for promoting tourism.
Nordic Microfinance Initiative raises its investment in Svasti MicrofinanceNordic Microfinance Initiative (NMI) has raised its investment in Mumbai-based Svasti Microfinance while Michael & Susan Dell Foundation and Bamboo Capital Partners have exited in a $10 million share sale which includes both primary and secondary deals. The fresh investment has raised Mumbai-based microfinance’s net worth to Rs 100 crore.
Diaspora deposits down 29 per cent in FY20NRI deposits between April & August saw an inflow of $4 billion, compared with $5.7 billion in the same period last year. NRIs in the Gulf, who contribute the maximum to the deposit chunk, are showing preference towards mutual funds.
All-India bank strike called on October 22Services may be hampered, while SBI said impact would be minimum as most of its staff are not members of participating unions. Banks such as Bank of Maharashtra and Syndicate Bank have expressed concerns over providing customer services.