CURRENT AFFAIRS : BANKING & FINANCE
Sorin Startup Fund to Receive Backing from Small Industries Development Bank of India and National Small Industries Corporation Subsidiary
- Small Industries Development Bank of India (SIDBI) and the National Small Industries Corporation (NSIC) will support Sorin Investments, the startup fund led by Sanjay Nayar, signalling confidence in the experienced banker and deal maker.
Key Highlights :
- Investment Amount and Source : SIDBI and the ₹10,000-crore Self Reliant India (SRI) Fund, a part of NSIC Venture Capital Fund (NVCFL), will collectively invest around ₹300 crore into Sorin Investments.
- Contribution to Maiden Fund : The fresh investments from SIDBI and NSIC will contribute to Sorin Investments’ maiden fund, helping it reach a total size of ₹1,300 crore.
- SRI Fund Investment Strategy : The Self Reliant India (SRI) Fund, under NSIC, will utilize a ‘Fund-of-Funds’ investment strategy.
- It will invest in SEBI-registered Category I and Category II alternative investment funds (daughter funds), which, in turn, will invest in Micro, Small, and Medium Enterprises (MSMEs).
About Small Industries Development Bank of India :
- Established : 2 April 1990
- Headquarters : Lucknow, Uttar Pradesh, India
- Chairman & MD : Sivasubramanian Ramann
- The SIDBI is the apex regulatory body for overall licensing and regulation of micro, small and medium enterprise finance companies in India.
- It is under the jurisdiction of the Ministry of Finance , Government of India (GoI).
State Bank of India’s Stake in Jio Payments Bank Drops to 23% in FY23
- State Bank of India’s (SBI) shareholding in Jio Payments Bank fell to 23% in FY23 from the 30% that it has maintained since inception, indicating its disinterest in the payments bank business model.
- The fall below 25% also means SBI will no longer be able to block special resolutions at its 7-year-old joint venture (JV).
Key Highlights :
- SBI abstained from participating in two Jio Payments Bank rights issues.
- Meanwhile, Reliance Industries (RIL), SBI’s JV partner, acquired 10 million shares on November 29 and 70 million shares on January 23.
- In the previous fiscal year (FY22), SBI invested ₹9.48 crore in the joint venture.
- Payments banks, introduced during the tenure of former RBI governor Raghuram Rajan, were envisioned to cater to the under-banked and unbanked segments, allowing deposits of up to ₹2 lakh per customer without the ability to lend.
- Reliance Industries (RIL) was among the 11 applicants approved by RBI to establish payments banks in August 2015.
- The bank commenced operations in November 2016 in collaboration with SBI.
- The joint venture was established when Arundhati Bhattacharya was leading SBI.
- Bhattacharya is currently the chairperson and chief executive of Salesforce India.
About SBI :
- Established : 1 July 1955
- Headquarters : Mumbai, Maharashtra, India
- Chairman : Dinesh Kumar Khara
- CFO : Kameshwar Rao Kodavanti
Razorpay Introduces ‘Returnship’ Program to Facilitate Women Rejoining the Workforce After Career Break
- Fintech unicorn Razorpay has initiated a ‘returnship’ program designed for female professionals who have taken a career break and are seeking to re-enter the workforce.
- Last month, Razorpay introduced ‘Resume with Razorpay,’ offering a six-month internship to female professionals as part of their efforts to facilitate the return of women to the workforce.
Key Highlights :
- Eligibility Criteria for Women : The returnship program is available to women who have taken a break of two or more years from their professional careers.
- Over 1,300 women have reportedly applied for the program.
- Intent to Return to Work : Data from HerKey (formerly JobsForHer), a career engagement platform for women, indicates that 8 out of 10 women who have taken a career break express the intention to return to work.
- Furthermore, 4 out of 10 women are prepared for full-time job commitments.
- Internship Structure and Mentorship Program : During the six-month internship, participants in the program will be paired with mentors as part of Razorpay’s in-house mentorship initiative known as ‘MIND – Mentoring in New Directions.’
About Razorpay :
- Established : 2014
- Headquarters : Bangalore, Karnataka
- Co Founder & CEO : CEO: Harshil Mathur
- Co Founder & Managing Director : Shashank Kumar
Axis Bank Concentrates on Establishing a Completely Digital Bank Through Mobile App ‘Axis Open’ with Minimal Human Assistance
- Axis Bank is actively working towards establishing a fully digital bank, emphasizing the role of its mobile application “Axis Open.“
