Page 11 - Banking Finance October 2023

ROUNDUP

87 lakh as of August 2023, which is an Increased demand for ethanol for is for loans of up to 5 lakh, its chairman
increase of 42 lakh devices year-on- blending with petrol and diesel will said.
year, Paytm added. transform India's agricultural economy, The state-owned lender will press the
making farmers 'urja daata' (energy pedal on its 'Prayaas Programme' that
ONGC set to pump Rs.2 provider)," Gadkari said during the pro- targets businesses that are looking for
totype launch.
Lakh crore for 'net zero' loans between 1 lakh and 5 lakh, which
While flex-fuel vehicles have been in- are not served by other established
Oil and Natural Gas Corporation troduced internationally before, and lenders such as banks and even
(ONGC) plans to invest Rs 2 lakh crore Toyota launched a flex-fuel version of nonbanking finance companies in gen-
to achieve net-zero transition targets its Corolla last year, this is the first flex- eral.
by 2038, said Chairman Arun Kumar fuel vehicle compliant with India's BS-
Singh. "The development finance institution is
VI emission standards, according to the ramping up the lending between 1 lakh
During a press conference at the company. to 5 lakh as this sector is underserved,"
company's annual general meeting
said SIDBI chairman S Ramann. "Total
(AGM), Singh informed reporters that African Union, now a G20 MSME credit in the country is about 24
Rs 1 lakh crore would be required by lakh crore. Another 25 lakh crore is
2030 to accomplish multiple green ini- permanent member needed in the next three years to sat-
tiatives, with another 1 lakh crore to The African Union (AU) became a per- isfy the credit demand of MSMEs."
be allocated by 2038. manent member of the Group of 20
largest economies (G20) of the world State-run lenders and specialised insti-
The ONGC has established goals to tutions are accelerating lending to
reach net-zero emissions for Scope-1 with Prime Minister Narendra Modi small and medium enterprises as the
and Scope-2 by 2038. announcing its entry into the top glo-
bal body. government looks to create more em-
"Your Company is devising a roadmap ployment opportunities. The state and
for opportunities in renewable energy In his opening remarks at the inaugu- the regulator have designed multiple
and low-carbon sectors. It aims to ex- ral session of the two-day G20 Summit, programmes to ensure that credit
pand its renewable portfolio to 10 GW Modi made the announcement wel- flows to the segment that serves mil-
by 2030. We are dedicated to investing coming the 55-nation AU as the new lions.
around Rs. 1 lakh crore by 2030 to re- member of the grouping.
alize our various green initiatives and Shortly after the announcement, Union In coming months, I-T may
achieve Scope-I & Scope-II emission tar- of Comoros President and AU chairper-
gets by 2038," stated Singh at the AGM. son Azali Assoumani took the seat as a reopen many big old cases
full member of the G20. The Central Board of Direct Taxes
Gadkari launches world's "In keeping with the sentiment of (CBDT), guided by a Supreme Court (SC)
1st BS 6-compliant flex-fuel sabka saath (with everyone), India had order issued in April, has sent out com-
prehensive instructions to tax officials
car proposed that the African Union should regarding reopening of past cases un-
be given permanent membership of
Union Minister of Road Transport and the G20. I believe we all are in agree- der the Income-tax (I-T) Act.
Highways Nitin Gadkari unveiled the ment on this proposal. With your The instructions dated August 23-
prototype of the world's first Bharat agreement (he banged the gavel aimed at ensuring a uniform practice-
Stage (BS)-VI-compliant electrified thrice)...," Modi said. state that there will be no reopening
flex-fuel car, developed by Toyota and reassessment of completed cases
Kirloskar Motor. only where the decision of the appel-
SIDBI eyes growth from
The car, which runs on 100 per cent late authorities has become final.
ethanol (E100), is based on the Toyota small-ticket MSME loans While this provides some relief, the
Innova HyCross. It can cover 40 per The Small Industries Development coming months may see reopening of
cent of its distance on ethanol and the Bank of India aims to grow its assets past cases and reassessments in several
remaining 60 per cent on electric, with by a quarter by accelerating its lend- instances where the sums involved are
the petrol engine shut off. ing in the segment where the demand significant.

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