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July 2021

Financial resources

2nd National E-Conclave Productive use of financial resources “Roadmap for economic recovery”

2nd National E-Conclave Productive use of financial resources “Roadmap for economic recovery”

The 2nd national E-Conclave for the productive use of financial resources “Roadmap for the economic rebound” will be organized by ASSOCHAM on July 29, 2021 in virtual format.

Objective of the E-Conclave:

  • The digital revolution that was invading us has now accelerated several times. Companies like FMCG – unlikely beneficiaries of this revolution – have also learned to adapt and use this technology to serve their customers. It represents a microcosm of India’s entrepreneurial energy – from industrial equipment to capital goods – each industry adapts to conserve resources, stay relevant and grow.

  • Creating an enabling environment where businesses can thrive is a primary goal of governments. The maximization of the potential created by a benevolent government, the duty of companies in this economy.

  • To achieve this, we need a constant dialogue between different stakeholders: government, companies, regulators and others so that our precious resources be it money, talent, favorable political frameworks, etc. are used to maximize the economic output of the country, and therefore, the maximization of general well-being.

Main areas of discussion:

  • Impact of economic stimulation on the growth of the financial sector.

  • Role of the financial institution to revive the economy (Banks, NBFC, IBC, ARC, DFI, Insurance, MFI, Infrastructure financing, Bond market and others).

  • Sustainable financing.

  • Power Pack Privatization and India’s Competitiveness.

  • Recent announcement from RBI (On-Tap Liquidity Window, LTRO & TLTRO for target segment, reopening of a one-time restructuring).

  • New standards for digital lending and InsureTech.

  • Commercial MSMEs.

  • Rural bank.

  • Future marketing strategies

Target audience:

For further details, please contact:

Event name: 2nd National E-Conclave Productive use of financial resources “Roadmap for economic recovery”
Website: https://www.assocham.org/
Dated:
July 29, 2021

ASSOCHAM

Address: 4th floor, YMCA Cultural Center and Library,
01 Jai Singh Road, New Delhi
Mobile: 8447365357
E-mail: [email protected]


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Financial resources

Eyeing co-ops to harness financial resources: The Tribune India

Parsa Venkateshwar Rao Jr

Senior journalist

A day before the July 6 cabinet reshuffle, the Cabinet Secretariat announced in a press release: Cooperation).

And he went on to elaborate the implicit vision of the measure: “In our country, an economic development model based on cooperation is very relevant where each member works with a sense of responsibility. And the press release ends by saying, “The central government has demonstrated its deep commitment to a community development partnership. The creation of a separate Ministry of Cooperation also responds to the budget announcement made by the Minister of Finance.

Returning to the budget speech of Minister of Finance Nirmala Sitharaman, we find in paragraph 94, in the section under the heading “Government financial reforms”, the statement of intent: “The government undertakes to develop multi-state cooperatives and will give them all the support. To further streamline the “ease of doing business” for co-ops, I propose to set up a separate administrative structure for them. The government has therefore been pondering this issue for some time. He wants to exploit the cooperatives.

So there are two aspects to this ministry. It is an economic ministry. It treats cooperatives like banks, mainly in the agricultural sector. There are also urban cooperative banks, but the sector is rooted in agriculture. The main reason for the creation of the National Bank for Agriculture and Rural Development (NABARD) in 1981 was to provide financial support to cooperatives. It is interesting to note that the Reserve Bank of India (RBI) has placed the cooperative banks under its responsibility, to supervise their operation. The Ministry of Cooperation is in some ways similar to the Ministry of Corporate Affairs, which is linked to the functioning of the Ministry of Finance. The basis of cooperatives in the country is the large number of cooperative banks spread across the country. The Multistate Cooperative Societies Act (MSCS) was enacted in 2002. There are 20 multistate cooperative societies under the Ministry of Agriculture and Farmer Welfare, as well as the 1,469 cooperative societies in various states, with Maharashtra leading the way with 567 of them, followed by 147 in Telangana and 133 in Delhi, and just four in Uttar Pradesh.

The range of registered cooperative societies is reflected in the list of those registered before 1986. They include Boots Employees Cooperative Credit Society Limited, Canara Bank Officers Cooperative Thrift and Credit Society Limited. There is another list of 1,296 Multi-State Cooperative Societies and Banks, which includes the Multi-State Cooperative Society for the Development of Entrepreneurs from Farm to Foreign Exports, which operates in Andhra Pradesh and Telangana and has been registered January 16, 2020.

There is then a vast network of cooperatives spread across the country, which seems to reflect the underlying philosophy of cooperation as articulated by the 19th century British entrepreneur and visionary Robert Owen, and which is now known as of Owenite socialism. It should be noted that the actors of cooperatives are different from the shareholders of a financial institution. Cooperatives raise capital, generate profits and are used by stakeholders. It is intended for internal circulation and consumption. It is indeed a taboo in free market enterprise where shareholders seek the benefits of business transactions, and they can never use the resources for their personal needs.

So what would the Modi government want to do with cooperatives, large and small? Does he want to integrate them into the Atmanirbhar plan and articulate it with the various programs such as Startup India, Make in India, Skill India et al? The government may want to rationalize these many small units, merge them into larger businesses, and turn them into real financial resources for new businesses. There is the felt need that the financial infrastructure in India is inadequate, that the formal banking is not able to meet the challenge of financial inclusion. Banks and cooperative societies can then be put into operation to fill the gaping holes. Cooperatives are then an untapped financial resource in terms of funds to be raised and the ready-to-use institutional framework of a bank. It is interesting that the Modi government woke up to the prospect of using the cooperative network to solve some of the financial infrastructure problems.

In doing so, the government could kill the spirit of cooperatives, the idea of ​​self-help and the pooling of resources in a small group. The philosophy of cooperatives is that small is beautiful. If it becomes big, like too big to fail, then it ceases to be a cooperative. Another essential aspect of cooperatives is autonomy, and it is the autonomy of a group of people who live in a community or share the common interests of a community. Members of a cooperative should not be reduced to the status of anonymous shareholder of a large corporation. The idea behind a cooperative is idealistic, something intimate and harmonious.

The characteristic that the Modi government has shown over the past seven years has been to dream big, to do big things big, the very antithesis of what a cooperative is.

Instead of encouraging more cooperatives to emerge and thrive, where the model is that of a kibbutz, of life and values ​​shared at the interpersonal level, the government could end up transforming the cooperatives into something like micro, small and medium-sized enterprises (MSME).

Co-operatives are not a small business. It is a worldview of cohesive local communities, something that is needed as a social balm for a society that still lives in the shadow of gargantuan, national and multinational corporations. The cooperative is an antidote to lost capitalism. It offers an alternative worldview, which many may consider utopian. But he respects the utopian spirit. Prime Minister Modi, it seems, is keen to transform cooperatives into capitalist enterprises, where ruthless competition is the leitmotif.


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Financial resources

Eyeing cooperatives to tap into financial resources: The Tribune India

Parsa Venkateshwar Rao Jr

Senior journalist

A day before the July 6 cabinet reshuffle, the Cabinet Secretariat announced in a press release: Cooperation).

And he went on to elaborate the implicit vision of the measure: “In our country, an economic development model based on cooperation is very relevant where each member works with a sense of responsibility. And the press release ends by saying, “The central government has demonstrated its deep commitment to a community development partnership. The creation of a separate Ministry of Cooperation also responds to the budget announcement made by the Minister of Finance.

Returning to the budget speech of Minister of Finance Nirmala Sitharaman, we find in paragraph 94, in the section under the heading “Government financial reforms”, the statement of intent: “The government undertakes to develop multi-state cooperatives and will give them all the support. To further streamline the “ease of doing business” for co-ops, I propose to set up a separate administrative structure for them. The government has therefore been pondering this issue for some time. He wants to exploit the cooperatives.

So there are two aspects to this ministry. It is an economic ministry. It treats cooperatives like banks, mainly in the agricultural sector. There are also urban cooperative banks, but the sector is rooted in agriculture. The main reason for the creation of the National Bank for Agriculture and Rural Development (NABARD) in 1981 was to provide financial support to cooperatives. It is interesting to note that the Reserve Bank of India (RBI) has placed the cooperative banks under its responsibility, to supervise their operation. The Ministry of Cooperation is somewhat similar to the Ministry of Corporate Affairs, which is linked to the functioning of the Ministry of Finance. The basis of cooperatives in the country is the large number of cooperative banks spread across the country. The Multistate Cooperative Societies Act (MSCS) was enacted in 2002. There are 20 multistate cooperative societies under the Ministry of Agriculture and Farmer Welfare, as well as the 1,469 cooperative societies in various states, with Maharashtra leading the way with 567 of them, followed by 147 in Telangana and 133 in Delhi, and just four in Uttar Pradesh.

The range of registered cooperative societies is reflected in the list of those registered before 1986. They include Boots Employees Cooperative Credit Society Limited, Canara Bank Officers Cooperative Thrift and Credit Society Limited. There is another list of 1,296 Multi-State Cooperative Societies and Banks, which includes the Multi-State Cooperative Society for the Development of Entrepreneurs from Farm to Foreign Exports, which operates in Andhra Pradesh and Telangana and has been registered January 16, 2020.

There is then a vast network of cooperatives spread across the country, which seems to reflect the underlying philosophy of cooperation as articulated by the 19th century British entrepreneur and visionary Robert Owen, and which is now known as of Owenite socialism. It should be noted that the actors of cooperatives are different from the shareholders of a financial institution. Cooperatives raise capital, generate profits and are used by stakeholders. It is intended for internal circulation and consumption. It is indeed a taboo in free market enterprise where shareholders seek the benefits of business transactions, and they can never use the resources for their personal needs.

So what would the Modi government want to do with cooperatives, large and small? Does he want to integrate them into the Atmanirbhar plan and articulate it with the various programs such as Startup India, Make in India, Skill India et al? The government may want to rationalize these many small units, merge them into larger businesses, and turn them into real financial resources for new businesses. There is the felt need that the financial infrastructure in India is inadequate, that the formal banking is not able to meet the challenge of financial inclusion. Banks and cooperative societies can then be put into operation to fill the gaping holes. Cooperatives are then an untapped financial resource in terms of funds to be raised and the ready-to-use institutional framework of a bank. It is interesting that the Modi government woke up to the prospect of using the cooperative network to solve some of the financial infrastructure problems.

In doing so, the government could kill the spirit of cooperatives, the idea of ​​self-help and the pooling of resources in a small group. The philosophy of cooperatives is that small is beautiful. If it becomes big, like too big to fail, then it ceases to be a cooperative. Another essential aspect of cooperatives is autonomy, and it is the autonomy of a group of people who live in a community or share the common interests of a community. Members of a cooperative should not be reduced to the status of anonymous shareholder of a large corporation. The idea behind a cooperative is idealistic, something intimate and harmonious.

The characteristic that the Modi government has shown over the past seven years has been to dream big, to do big things big, the very antithesis of what a cooperative is.

Instead of encouraging more cooperatives to emerge and thrive, where the model is that of a kibbutz, of life and values ​​shared at the interpersonal level, the government could end up transforming the cooperatives into something like micro, small and medium-sized enterprises (MSME).

Co-operatives are not a small business. It is a worldview of cohesive local communities, something that is needed as a social balm for a society that still lives in the shadow of gargantuan, national and multinational corporations. The cooperative is an antidote to lost capitalism. It offers an alternative worldview, which many may consider utopian. But he respects the utopian spirit. Prime Minister Modi, it seems, is keen to transform cooperatives into capitalist enterprises, where ruthless competition is the leitmotif.


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Finance agency

Tiena Johnson Hall is the new Executive Director of the California Housing Finance Agency

SACRAMENTO, Calif .– (COMMERCIAL THREAD) – The California Housing Finance Agency (CalHFA) will have a new executive director, as Tiena Johnson Hall was appointed by Gov. Gavin Newsom on Monday.

Johnson Hall, who has been a member of the CalHFA Board of Directors since November 2014, has served as Senior Vice President and Director of Community Development Funding for BBVA Compass Bancshares Inc. since October 2014. Prior to that, she held various positions in the field. housing. in the private and public sectors.

“Tiena Johnson Hall brings a passion for helping people build community, and I am delighted to have her as the head of CalHFA,” said Lourdes Castro Ramírez, Agency Secretary of Business, Consumer Services and housing. “This commitment, coupled with their solid background in housing and finance, will galvanize the CalHFA team as they work to expand mortgage support, increase homebuyers and donate. better access to finance for innovative housing programs, such as Accessory Dwelling. Units. ”

“Tiena’s background makes her the ideal person to lead a mission-driven agency like CalHFA that relies on partnerships with all levels of government, as well as with the private sector,” said Michael Gunning, chairman of the board of directors of CalHFA. “As a longtime board member, Tiena has already used her vast experience and knowledge to help lead CalHFA through some of the most successful years in the history of the organization and we are excited by the future ! ”

This experience includes stints as vice president and community development manager at Bank of the West; a senior vice president and director of relations in the commercial real estate group of the American bank; director of housing in the major projects division of the Los Angeles Department of Housing and Investment; Project manager for communities of residence and more.

For Johnson Hall, living in an affordable housing project a few years after graduating from college and organizing a group to work with the state-owned building to make improvements to the property has been a formative experience that has left him behind. decided to work in the affordable housing industry. .

“I believe CalHFA plays a vital role in the state’s efforts to help Californians find an affordable place to call home,” said Johnson Hall. “My time on the CalHFA Board of Directors has given me an excellent overview of the organization and the opportunity to help shape some of the Agency’s most successful initiatives, such as the innovative partnership with Apple, the award-winning national mixed-income rental housing program, the widely used down payment assistance program, and CalHFA’s commitment to promoting fair housing in a positive way.

Johnson Hall was selected after a nationwide search to replace Tia Boatman Patterson, who stepped down as executive director in February to join President Biden’s administration in the office of management and budget. CalHFA’s deputy chief executive, Don Cavier, served as the agency’s interim executive director.

“Between California’s housing affordability crisis, the pandemic’s disproportionate effect on low-income residents and people of color, and the unprecedented amount of federal and state resources spent on housing, now is the time. for organizations like CalHFA to have an even more significant impact, ”said Johnson Hall.

The California Housing Finance Agency was established in 1975 to help more Californians find a place to call home. CalHFA has helped over 201,000 low and moderate income homebuyers with $ 32.6 billion in first mortgage loans and used $ 6.1 billion in construction and preservation financing for over 70,000 affordable rental housing statewide. CalHFA is a self-funded state agency that does not depend on taxpayer dollars for its operating costs. For more information on CalHFA programs and how we are creating progressive financing solutions for affordable housing in California, visit www.calhfa.ca.gov or call toll-free at 877.9.CalHFA (877.922.5432).


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Finance agency

The Supreme Court decides that the director of the Federal Housing Finance Agency can be removed at will; Calabria Licentiate – Finance and Banking

United States: The Supreme Court decides that the director of the Federal Housing Finance Agency can be removed at will; Calabria dismissed

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The United States Supreme Court ruled yesterday in Collins vs. Yellin that a restriction on the president’s power to dismiss at will the director of the Federal Housing Finance Agency is unconstitutional as a violation of the doctrine of the separation of powers. This decision came as no surprise, the Court having ruled in Seila Law LLC v. Consumer Financial Protection Bureau that a similar restriction on the president’s power to dismiss the director of the CFPB at will was unconstitutional. The Court rejected a number of arguments that the Collinscase differed from Seila case, specifying that:

  • Congress had no more leeway to restrict the president’s power of impeachment with respect to the director of the FHFA than to restrict the president’s power of impeachment with respect to the director of the CFPB;
  • The authority available to the director of the FHFA to replace the regulated entities (that is to say., Fannie Mae and Freddie Mac) and acting as a private party does not give Congress greater authority to limit the president’s impeachment power;
  • The fact that the director of the FHFA regulates government-sponsored entities (again, Fannie Mae and Freddie Mac) does not give Congress greater authority to limit the president’s impeachment power;
  • The argument that the director of the FHFA is only offered “modest” land protection is untenable, because even “modest” protection violates the doctrine of the separation of powers.

The plaintiffs had also challenged the dividend payment formula by Fannie Mae and Freddie Mac which had been promulgated by law on the grounds that the FHFA had exceeded its authority as a conservative by accepting the formula. The Court ruled that this statutory request should be dismissed. The plaintiffs also demanded that all dividends paid under the new formula be returned to Fannie Mae and Freddie Mac. This request was returned to the lower court for further consideration based on the court ruling on the constitutional issue.

Following the announcement of the court’s decision, President Biden fired Mark Calabria as director of the FHFA and appointed Sandra Thompson as interim director. Ms. Thompson has served as the deputy director of the agency’s Housing Mission and Goals division since 2013.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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Financial resources

Trans Financial Resources Net Income Grows 22.71% in March 2021 Quarter

Sales declared void

Trans Financial Resources’ net profit increased 22.71% to Rs 3.89 crore in the quarter ended March 2021 from Rs 3.17 crore in the previous quarter ended March 2020. No sales were made. ‘was reported in the quarter ended March 2021 compared to Rs 1.12 crore in the previous quarter ended March 2020.

For the full year net profit increased 30.04% to Rs 3.68 crore in the fiscal year ended March 2021 from Rs 2.83 crore in the fiscal year precedent closed in March 2020. No sales were reported during the fiscal year ended March 2021 compared to Rs 3.83 crore in the previous year ended in March 2020.

DetailsQuarter endedYear endedMarch 2021march 2020% Var.March 2021march 2020% Var.Sales01.12 -100 03.83 -100 % OPM0-1.79 0-5.22 PBDT3.963.24 22 3,923.07 28 PBT3,913.19 23 3,702.85 30 NP3,893.17 23 3.682.83 30

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(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First published: Thu 01 July 2021. 16:29 IST


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