In Gujarat, Airtel has already established partnerships with over 200 merchants
Bharti Airtel, through its wholly owned subsidiary Airtel M Commerce Services Limited (AMSL), has launched airtel money in Gujarat.
Airtel money is a fast and secure service that allows its users to load cash on their mobile devices and spend it to pay utility bills and recharges, shop at 7000+ merchant outlets, transact online etc. Apart from serving as an easy alternative to cash / card payment options, airtel money is also the first mobile based service to offer customers the convenience of instant money transfer to prepaid wallets and bank accounts. With this, customers in Gujarat can now use airtel money to make payments and transfer money across the country.
In Gujarat, Airtel has already established partnerships with over 200 merchants including, Torrent Power, Adani Gas, Gwalia sweets, Deepkala – CG Road, Rajwadu, Eagle Travels, Royal Express, Cream and Crust, Newyork city- a garment shop who are now accepting payments via airtel money. Customers using airtel money will be able to avail exclusive discounts and attractive offers at various merchant outlets in the market – and save money as they shop!
The pre-paid card will be available in nine currencies-the US dollar, the euro, the pound, Canadian dollar, Swedish kroner, Swiss franc, Singapore dollar, the yen, and UAE dirham.
Tata Capital, in collaboration with private sector lender Axis Bank, has launched Tata Travel Card to provide travel and forex related services. This pre-paid card will be available in nine currencies—the US dollar, the euro, the pound, Canadian dollar, Swedish kroner, Swiss franc, Singapore dollar, the yen, and UAE dirham.
“The launch of Tata Travel Card fits in with the overall strategic intent of by Tata Capital to provide a complete suite travel and forex related services to its customers,” Tata Capital managing director and chief executive Praveen P Kadle said. He also said the NBFC would utilise the customer base of Tata companies to make the new card popular soon. The Tata Travel Card, which will be marketed by T T Holdings and Services, aims to clock Rs100 crore of business in the next two years. Referring to the launch, Axis Bank managing director and chief executive Shikha Sharma said the bank will use its leadership position in a pre-paid forex segment for business growth in this segment.
“We are confident that the bank's leadership position in the pre-paid forex segment will be further strengthened with this tie-up and the Tata Travel Card will find ready acceptance in the market,” Sharma said. She also said Axis Bank has already crossed USD 2 billion mark in the forex card segment in 2011.
The increase in allocation would help in providing collateral-free loans to micro and small units which are highly unorganised but account for substantial employment in the country
To increase the availability of funds for small businesses, the Micro Small and Medium Enterprises (MSME) Ministry is seeking over 4-fold hike in Credit Guarantee Fund Scheme to Rs10,750 crore during the 12th Plan period, an official said.
“...the corpus of (Credit Guarantee Fund) scheme has to be enhanced by an additional provisioning of Rs10,750 crore to enable scheme to increase its...coverage,” he said.
The increase in allocation, the official said, would help in providing collateral-free loans to micro and small units which are highly unorganised but account for substantial employment in the country.
During the 11th Plan, the government had made a provision of Rs2,500 crore for the Scheme, being operated by the ministry. In view of the problems being faced by the MSME sector in procuring loans from banks and financial institutions, the Ministry has suggested to the Planning Commission to raise the allocation for the fund.
Almost 95% of the MSME sector is unorganised, the official said, adding that banks are usually reluctant to lend funds to the MSMEs in absence of adequate collaterals.
To address the issue, the ministry had set up the scheme so that collateral-free credit could be made available to the sector.
The corpus to the fund is contributed by the government and Small Industries Development Bank of India in the ratio of 4:1 respectively.
The MSME sector contributes 45% to overall the manufacturing output and 40% exports of the country.