Page 5 - Banking Finance July 2023

BANK UPDATE

Banking

SIDBI ties up with RV var- in terms of knowing about law, ac- PNB Q4 profit jumps over
counting, marketing, skills that go
sity for entrepreneurship 5 times
alongside technical skills that one
course might have. This is a start to bringing Punjab National Bank (PNB), reported
in a new way of entrepreneurship edu- an over 474 per cent rise in its
SIDBI and RV University (RVU) signed
cation within the otherwise well-known standalone net profit in the quarter
a Memorandum of Understanding
structure of education amongst the that ended on March 31 to Rs 1,158.61
(MoU) on May 16th, 2023, to help pro-
graduates." crore as compared to Rs 201.57 crore
mote innovation and entrepreneurship
in the same period last year.
in India. Under the MoU, SIDBI will
launch a curated 6-month program SBI card ties up with During the quarter, the bank's total
aimed at nurturing successful entre- income increased to Rs 27,269 crore
Paytm for RuPay card
preneurs. from Rs 21,095 crore a year ago, PNB
Paytm has partnered with SBI Card and
For achieving this, the proposed co- said in a regulatory filing.
the NPCI's RuPay to launch Paytm SBI
hort shall be selected from a broad
Card, which can be used to make QR Interest income grew to Rs 23,849
canvas of aspirants through Psycho-
payments on the UPI network. crore during the period under review
metric tests, aptitude tests etc. SIDBI
against Rs 18,645 crore in the year-ago
Speaking at the launch, Paytm founder
will also provide financial support
period.
& CEO Vijay Shekhar Sharma said that
based on specific proposals submitted
the RuPay credit card on UPI solves for Its gross non-performing assets
by RVU or its Centre for Innovation and
Entrepreneurship Development and distribution as merchants can accept (GNPAs) fell to 8.74 per cent during the
credit card payments using the QR quarter from 11.78 per cent in Q4FY22.
facilitate credit connect and
mentorship for launching enterprises. code. This increases the acceptance The net NPAs fell to 2.72 per cent from
points to five crores across the country 4.8 per cent during the period.
Speaking on the MoU with RV Univer-
from around 50 lakh.
sity, the Chairman and Managing Di- The fall in the bad loans ratio helped
rector of SIDBI, S. Ramann said, "Credit card on UPI will help people cut the provisions towards NPAs for
"SIDBI's aim is to promote entrepre- overcome the mental block over using Q4FY23 to Rs 3,625 crore compared to
neurship. This collaboration between it for low-value payments," said Rs 4,564 crore a year ago.
SIDBI and RV University is about the Sharma. He added that merchants
University setting up the curriculum, would have complete flexibility to
Finfluencer settles with
bringing in an environment where stu- switch off or on acceptance for trans-
dents can gain the benefits of an en- actions over Rs 2,000. Transactions SEBI
trepreneurship study. There will be a below Rs 2,000 are free of any mer- Financial influencer (Finfluencer) PR
lot of learning which is very practical - chant fees for small merchants. Sundar, his company Mansun Consult-

BANKING FINANCE | JULY | 2023 | 5