7. Financial Sector

Credit Guarantee for MSMEs

  • Revamped scheme on credit guarantee will take effect from 1st April 2023 through infusion of Rs. 9,000 crore in the corpus.
  • Thus, will enable additional collateral-free guaranteed credit of Rs. 2 lakh crore.

National Financial Information Registry

  • A national financial information registry will be set up to serve as the central repository of financial and ancillary information.
  • This will facilitate efficient flow of credit, promote financial inclusion, and foster financial stability.
  • A new legislative framework will also govern this credit public infrastructure, which will be designed in consultation with the RBI.

Financial Sector Regulations

  • To simplify, ease and reduce cost of compliance, financial sector regulators will be requested to carry out a comprehensive review of existing regulations.
  • For this, they will consider suggestions from public and regulated entities.
  • Time limits to decide the applications under various regulations will also be laid down.

GIFT IFSC

To enhance business activities in GIFT IFSC, the following measures will be taken:

  • Delegating powers under the SEZ Act to IFSCA to avoid dual regulation,
  • Setting up a single window IT system for registration and approval from IFSCA, SEZ authorities, GSTN, RBI, SEBI and IRDAI,
  • Permitting acquisition financing by IFSC Banking Units of foreign banks,
  • Establishing a subsidiary of EXIM Bank for trade re-financing,
  • Amending IFSCA Act for statutory provisions for arbitration, ancillary services, and avoiding dual regulation under SEZ Act, and
  • Recognizing offshore derivative instruments as valid contracts.

Digital Payments

  • Digital payments continue to find wide acceptance.
  • In 2022, they show increase of 76 per cent in transactions and 91 per cent in value.
  • Fiscal support for this digital public infrastructure will continue in 2023-24.

Azadi Ka Amrit Mahotsav Mahila Samman Bachat Patra

  • For commemorating Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to March 2025.
  • This will offer deposit facility upto Rs. 2 lakh in the name of women or girls for a tenor of 2 years at fixed interest rate of 7.5 per cent with partial withdrawal option.

Senior Citizens

  • The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from Rs. 15 lakh to Rs. 30 lakh.
  • The maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs. 4.5 lakh to Rs. 9 lakh for single account and from Rs. 9 lakh to Rs. 15 lakh for joint account.

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