Category: MIL-OSI

Posted on

Business of Innovation and Technology Week in April to showcase Hong Kong’s innovation and technology strengths

Source: Hong Kong Government special administrative region

Business of Innovation and Technology Week in April to showcase Hong Kong’s innovation and technology strengths 
     The third InnoEX, co-organised by the ITIB and the Hong Kong Trade Development Council (HKTDC), will occur from April 13 to 16 at the Hong Kong Convention and Exhibition Centre (HKCEC). This annual event brings together I&T elites, enterprises and buyers from the Mainland and overseas to jointly promote I&T advancements and applications and explore global collaboration opportunities. Themed “Innovation • Automate • Elevate”, this year’s InnoEX will showcase cutting-edge technology solutions across five key areas: low-altitude economy, artificial intelligence, robotics, cybersecurity and smart mobility. A highlight of the event is the Smart Hong Kong Pavilion set up by the Digital Policy Office, which will showcase over 100 I&T solutions, including those developed by different government departments in relation to citizens’ daily lives, as well as award-winning I&T projects by local innovators and students, demonstrating Hong Kong’s achievements in I&T and smart city development. 
 
     The second Hong Kong World Youth Science Conference and the Xiangjiang Nobel Forum 2025 will also take place from April 13 to 16 at the HKCEC. Organised by the Hong Kong Alumni Association of Beijing Universities with the full support of the ITIB, the event will gather top-notch I&T talent and renowned scientists, including laureates of the Nobel Prize and Turing Award, in Hong Kong. Through keynote speeches, roundtable forums and other formats, participants will tap into global wisdom on cutting-edge topics in the areas of big data, AI, biotechnology, new materials and large models, thereby enhancing Hong Kong’s status in the international scientific arena.  
 
     Meanwhile, another major I&T highlight this April – the World Internet Conference Asia-Pacific Summit – a high-level global Internet conference, will take place on April 14 and 15 at the HKCEC. Under the theme “Integration of AI and Digital Technologies Shaping the Future – Jointly Building a Community with a Shared Future in Cyberspace”, the Summit will focus on forward-looking discussions in large AI models, digital finance, and digital government and smart life, attracting around 1 000 participants from the Mainland and overseas, including representatives from governments and enterprises, international organisations, internet giants, experts and scholars to attend in person.
 
     The Secretary for Innovation, Technology and Industry, Professor Sun Dong, said, “This April, Hong Kong’s BIT Week will bring together I&T elites from 29 countries and regions and over 2 800 exhibitors. Through a series of exhibitions, forums, seminars, business networking, talent matching and industry events, we will showcase Hong Kong’s I&T strengths and unique edge to the world. The Hong Kong Special Administrative Region Government is particularly delighted to co-organise the Asia-Pacific Summit with the World Internet Conference for the first time in Hong Kong, creating a top-notch platform for exchanges, dialogue and co-operation in I&T, and further strengthening Hong Kong’s position as an international I&T centre.”
 
     Other major industry events during the BIT Week include the HKTDC’s Hong Kong Electronics Fair (Spring Edition) and Smart Lighting Expo, as well as the Hong Kong Web3 Festival cohosted by Wanxiang Blockchain Labs and HashKey Group and organised by W3ME, all contributing to the prosperous development of Hong Kong’s I&T ecosystem and greater synergies. 
 
     Details of the BIT Week events can be found at bitweek.hktdc.com/enIssued at HKT 17:33

NNNN

Posted on

Hong Kong Customs alerts public to fraudulent phone calls

Source: Hong Kong Government special administrative region

Hong Kong Customs alerts public to fraudulent phone calls 
Customs has recently received a number of public enquiries about receiving phone calls from +852 2815 7711, which is the same number as Customs’ General Enquiry Hotline (2815 7711), or from other local mobile phone numbers. The callers claimed to be an officer of Hong Kong Customs and told members of the public concerned that they had an express parcel or cargo consignment seized by Customs because contraband items had been found therein. Some of the callers also requested members of the public to take further actions, such as visiting the Shenzhen Bay Control Point or other control points for investigations or penalty payments, or downloading unknown mobile applications.
 
Customs clarified that the department had not made any of the calls in question. If Customs officers need to contact members of the public, they will provide relevant information to verify the identity of both parties, but will not request the public to provide sensitive personal information nor download unofficial mobile applications.
 
Customs has reported the incident to the Police for follow-up investigations.
 
Customs reminds members of the public to remain vigilant and verify the identity of a caller when receiving any suspicious phone call, and do not disclose their personal information to others arbitrarily. If in doubt, please report to the Police immediately.
 
Customs said impersonating a public officer is a serious offence and urged the public not to defy the law.
Issued at HKT 16:00

NNNN

Posted on

HKMA and banking sector support SMEs from various industries

Source: Hong Kong Government special administrative region

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA), together with the banking sector, introduced today (April 8) sector-specific support measures to further assist more small and medium-sized enterprises (SMEs) in obtaining bank financing and in their upgrade and transformation. The measures were introduced following meetings held by the Banking Sector SME Lending Coordination Mechanism (Mechanism) and the Taskforce on SME Lending (Taskforce) today.
 
Since the launch of the “9+5” (Note 1) SME support measures by the HKMA and the banking sector last year, more than 39 000 SMEs have benefitted from these measures, involving an aggregate credit limit of over HK$95 billion. The total amount of dedicated funds for SMEs set aside by the participating banks in the Taskforce in their loan portfolio has increased from HK$370 billion in October 2024 to more than HK$390 billion at present.
 
With the establishment of the Taskforce in August 2024, the HKMA and the banking sector have been actively strengthening the work of supporting SMEs at both the individual case and the industry levels. Up until the end of March 2025, the Taskforce has received around 590 enquiries and cases from various industries through different channels, of which nearly 90 per cent have been handled. At the industry level, the Taskforce has held more than 160 engagement events with trade associations and representatives from different industry sectors―including the retail and wholesale, import and export and manufacturing, construction, and transport sectors ― to gain a deeper understanding of the operations of SMEs in various industries.
 
In the light of the current trade tension and uncertainties surrounding the external economic environment, and after taking into account and discussing the views of the commercial sectors in the Mechanism and Taskforce meetings, the banking sector reaffirmed its commitment to actively implement the “9+5” SME support measures previously launched. The banking sector will continue to be accommodative in offering credit reliefs, including flexible repayment arrangements and deferment of repayment period, referencing the principles under the Pre-approved Principal Payment Holiday Scheme, to assist corporates in coping with their liquidity needs. Furthermore, banks will introduce more targeted support for various industries under the overarching principle of prudent risk management:
 

  1. Import and export and manufacturing sectors: The commercial sectors reflected their concerns about the current global trade frictions during the meeting. The participating banks agree to provide flexible extensions to trade facilities (e.g. 90 or 120 days), or offer alternative suitable credit arrangements (such as repaying the trade loans by instalments, providing partial principal repayment options, or even offering principal moratorium), to assist individual customers experiencing short-term cashflow pressure due to trade frictions. The Mechanism and the Taskforce will closely monitor the latest developments regarding global tariff disputes and maintain dialogue with the import and export and manufacturing sectors. 
      
  2. Construction sector: The participating banks will assist corporates facing cashflow pressure, particularly subcontractors in the construction sector that may be experiencing sudden cashflow pressure due to capital chain rupture, through a collaborative mechanism. The banks will collaboratively offer flexible financial arrangements as far as practicable to alleviate customers’ cashflow pressure. 
     
  3. Transport sector: The participating banks will actively consider introducing financing products that are better suited to the transport sector, with a view to supporting the Government’s implementation of measures to enhance taxi services. The banks will offer more flexible repayment arrangements to assist customers in coping with operational challenges, taking into account individual circumstances. The banks will also consider correspondingly extending the loan tenor to support the development of the sector (Note 2).

​
     Furthermore, the HKMA and the banking sector will support the economic development of Hong Kong in other areas, including:
 

  1. Lease extension: The banking sector will strengthen the promotion of the Extension of Government Leases Ordinance (the Ordinance) (Note 3). Banks will ensure that frontline staff are familiar with land lease extension matters under the Ordinance, so that they can properly address customers’ mortgage enquiries related to land leases and offer suitable services to them. 
     
  2. Northern Metropolis development: With the HKMA’s facilitation, the Hong Kong Association of Banks and the Chinese Banking Association of Hong Kong have recently engaged with the Development Bureau to gain an understanding of the latest development of the Northern Metropolis. The banking sector will explore ways to provide suitable financing support to tie in with the Government’s implementation of large-scale land disposal and other developments. 

The HKMA and the banking sector will maintain close communication with the commercial sectors through the Mechanism and the Taskforce and work in concert to support the business development and transformation of SMEs.
 
Background
————–

The Banking Sector SME Lending Coordination Mechanism

The Banking Sector SME Lending Coordination Mechanism was established by the HKMA in October 2019. Participants include 11 banks (Note 4) that are most active in SME lending, the Hong Kong Association of Banks (HKAB) and the HKMC Insurance Limited. Since its establishment, the HKMA and the Mechanism have rolled out several rounds of relief measures for corporates, including the Pre-approved Principal Payment Holiday Scheme and the nine SME support measures launched in March 2024.
 
The Taskforce on SME Lending

The Taskforce on SME Lending was jointly established by the HKMA and HKAB in August 2024. Participants include representatives of the HKMA, HKAB and 18 banks (Note 5) that are active in SME lending. The Taskforce aims to further strengthen the related work for supporting SMEs at both the individual case and the industry levels. These include setting up a mechanism to handle individual cases of SMEs encountering difficulties when obtaining bank financing, working out appropriate solutions across banks and enhancing communication among the HKMA, the banking industry and the commercial sector so as to understand the financing needs of SMEs in a more timely manner.

Note 1: The HKMA and the banking sector introduced nine measures to support SMEs’ access to financing and continuous development in March 2024, and another five measures to support SMEs’ upgrade and transformation in October 2024.

Note 2: The above-mentioned arrangements are also applicable to taxi loans, public light bus loans and commercial vehicle loans taken out by personal customers. 

Note 3: Under the Ordinance, which came into effect on July 5, 2024, general purpose leases (i.e. general residential, commercial, industrial leases) will be extended upon expiry for a term of 50 years without payment of any additional premium, but subject to an annual payment of Government rent at 3 per cent of rateable value. The encumbrances, interests and rights under the original lease (such as mortgages) will be carried forward to the extended lease term without being affected, and owners are no longer required to execute lease extension documents with the Government or re-arrange mortgages. The Ordinance is not applicable to special purpose leases (SPL) (including purposes such as petrol filling station, education, recreation, public utility, welfare and special industries). The Lands Department has made an “SPL identification note” in the Land Registry register for SPLs for identification.

Note 4: Bank of China (Hong Kong), Bank of East Asia, China Construction Bank (Asia), Citibank, Dah Sing Bank, DBS Bank (Hong Kong), Hang Seng Bank, The Hongkong and Shanghai Banking Corporation, Industrial and Commercial Bank of China (Asia), OCBC Bank (Hong Kong), and Standard Chartered Bank (Hong Kong).

Note 5: Including the 11 banks participating in the Mechanism, and Bank of Communications (Hong Kong), China CITIC International, Fubon Bank (Hong Kong), Fusion Bank, Nanyang Commercial Bank, PAO Bank and Shanghai Commercial Bank.

Posted on

Opening remarks by SCS at LegCo Finance Committee special meeting

Source: Hong Kong Government special administrative region

Opening remarks by SCS at LegCo Finance Committee special meeting 
Chairman,
 
     Among the matters related to the civil service in the 2025-26 Draft Estimates of Expenditure, I would like to focus my introduction on the following items.
 
     The first item is the civil service establishment. We have implemented the zero-growth policy in the civil service establishment since 2021-22 with the overall establishment controlled at a level not exceeding that as at end-March 2021, i.e. about 196 000 posts. With the concerted efforts of bureaux and departments, the civil service establishment has been reducing every year. It is anticipated that by March 31, 2026, the overall civil service establishment will have reduced to about 193 000 posts, i.e. a reduction by approximately 3 000 posts on a cumulative basis.
 
     To better utilise manpower resources, we will trim the civil service establishment further, reducing it by 2 per cent each in 2026-27 and 2027-28 basing on the establishment of the preceding financial year. By April 1, 2027, about 10 000 posts are expected to be deleted from the civil service establishment within this term of Government. The resources saved will be included in the 2 per cent savings of the recurrent expenditure of the departments concerned under the Financial Services and the Treasury Bureau’s Productivity Enhancement Programme.
 
     In addition, the Government has put forward in the Budget that for 2025-26, the executive authorities, the legislature, the judiciary and members of the District Councils take a pay freeze. This applies to members of the civil service. The effective date of the civil service pay freeze is April 1, 2025.
 
     I understand recent concerns over the civil service establishment. Some people think that since the current vacancy rate stands at about 10 per cent, cutting the vacancies directly will achieve greater savings in expenditure. I would like to take this opportunity to clarify the matter. The reduction in the civil service establishment proposed in the Budget aims to optimise manpower arrangements through reorganisation and reprioritisation of work while maintaining the efficiency of public services. To this end, all posts, both filled and vacant, will be reviewed to ascertain the necessity to retain them. It does not mean that we can achieve the objective simply by deleting all vacant posts. For posts that are essential to the provision of public services, such as Air Traffic Control Officers and Station Officers, we have to retain them, and recruitment will continue. For posts currently occupied, they are not immune from deletion but may be deleted after the transfer of the incumbents and redistribution of work.
 
     As a matter of fact, with the increasing workload of the Government, it requires much effort in planning for departments to cut expenditure and reduce their establishment at the same time. However, it also presents a good opportunity for them to think outside the box and adopt innovative thinking to enhance efficiency and effectiveness. The Government will continue to promote the adoption of management measures and digitalisation among departments with a view to optimising the use of civil service manpower resources and enhancing efficiency by reprioritising their work, redeploying internal resources, streamlining procedures and leveraging technology. In so doing, the leaner civil service can continue to deliver high-quality public services.
 
     The second item is about civil service training. The Civil Service College will continue to take forward various initiatives to strengthen the governance capabilities of the civil service. The relevant estimated expenditure is about $255 million in 2025-26. The College will launch the Governance Talents Development Programme as proposed in the Policy Address to nurture governance talent with a macro perspective and professional leadership ability. It will also continuously enhance the content on technology application in civil service leadership training, enabling departmental leaders to better grasp the impact of technological development on public policy formulation and implementation. This will equip them to take on leadership responsibilities, guiding their departments to leverage technology, including optimising departmental information technology systems, better utilising big data and artificial intelligence to transform public services, and arranging appropriate training for departmental staff.
 
     Regarding the medical and dental benefits for civil servants, the Government will continue to honour its contractual obligation as the employer and provide medical benefits for serving civil servants, pensioners and other eligible persons. The medical services provided by the Hospital Authority as part of the medical benefits have been included in the overall provision allocated to it. Regarding Families Clinic services and dental services provided by the Department of Health (including the pilot scheme on provision of dental scaling services via private dental organisations and the pilot scheme on receiving designated dental services at a medical institution in Shenzhen), a provision of around $1,158 million has been reserved. Also, we have reserved about $1,766 million to cover the expenditure on reimbursement of medical expenses that cannot be fully anticipated.
 
     The Civil Service Bureau will continue to implement various policies and initiatives, such as strengthening civil service training, continuing to organise the Civil Service Staff Exchange and Collaboration Programme jointly with Mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area and beyond, further enhancing the civil service disciplinary mechanism, implementing the two pilot schemes on dental services for civil servants, providing childcare leave for government employees, etc.
 
     Chairman, this is the end of my introduction. I would welcome questions from Members.
Issued at HKT 16:03

NNNN

Posted on

Results for Hong Kong-Europe-Asian Film Collaboration Funding Scheme announced

Source: Hong Kong Government special administrative region

Results for Hong Kong-Europe-Asian Film Collaboration Funding Scheme announced 
The assessment of the Hong Kong-Europe-Asian Film Collaboration Funding Scheme (HKEA Scheme) under the Film Development Fund has been completed. Two selected film projects will each receive a maximum of $9 million for their productions. Details of the winning projects are at the Annex.
 
Dr Wilfred Wong, the Chairman of the Hong Kong Film Development Council, said, “After the launch of the first phase of the Hong Kong-Asian Film Collaboration Funding Scheme, the response was enthusiastic. In the second phase, we further expanded the coverage of the scheme to Europe, hoping to broaden the perspectives of the film creative teams and bring more inspiration to Hong Kong teams by leveraging Europe’s rich cultural and film history in order to bring Hong Kong films to the world. In this phase, we selected two projects from more than 20 applications. These projects fully demonstrate the cultural exchange between the two regions and the remarkable creativity of the creative teams. I look forward to seeing the finished films shine both in Hong Kong and overseas in the near future.”
 
Announced in “The Chief Executive’s 2023 Policy Address”, the HKEA Scheme aims to subsidise film projects coproduced by filmmakers from European and Asian countries to produce films featuring Hong Kong, European and Asian cultures, enabling Hong Kong films to go global, as well as achieving in-depth cultural exchange and mutual learning.
Issued at HKT 16:25

NNNN

Posted on

Pradhan Mantri Mudra Yojana (PMMY) — completes 10 glorious Years of empowering Small and Micro Entrepreneurs

Source: Government of India

Pradhan Mantri Mudra Yojana (PMMY) — completes 10 glorious Years of empowering Small and Micro Entrepreneurs

Launched with Prime Minister’s vision of “Funding the Unfunded”, PMMY extends collateral-free loans to small enterprises that face significant challenges in accessing formal institutional credit: Union Finance Minister Smt. Nirmala Sitharaman

PMMY is one of the most significant initiatives not only in India but also globally, aimed at promoting entrepreneurship: MoS Sh. Pankaj Chaudhary

PMMY provides easy collateral-free loans up to ₹20 lakh for non-corporate and non-farm income-generating activities

PMMY extended over ₹33.65 lakh crore through 52.37 crore loans, instilling a new sense of confidence among borrowers

Posted On: 08 APR 2025 11:27AM by PIB Delhi

The Pradhan Mantri MUDRA Yojana (PMMY), launched on 8th April 2015 by Prime Minister Shri Narendra Modi, celebrates 10 glorious years of empowering small and micro-entrepreneurs across India. Aimed at fostering financial inclusion, PMMY provides easy collateral-free loans up to ₹10 lakh for non-corporate and non-farm income-generating activities. To strengthen support for aspiring entrepreneurs, the Finance Minister announced an increase in the loan limit to ₹20 lakh during the Union Budget 2024-25 on July 23, 2024. This new limit took effect on October 24, 2024.These loans are extended through Banks, NBFCs, MFIs, and other financial institutions.

The newly announced loan category, Tarun Plus, is designed specifically for those who have previously availed and successfully repaid loans under the Tarun category, allowing them to access funding between ₹10 lakh and ₹20 lakh. Additionally, the Credit Guarantee Fund for Micro Units (CGFMU) will now provide guarantee coverage for these enhanced loans, further reinforcing the government’s commitment to nurturing a robust entrepreneurial ecosystem in India.

Micro, Small, and Medium Enterprises (MSMEs) play a vital role as ancillary units, complementing large industries and significantly contributing to the country’s inclusive industrial growth. These enterprises are continually expanding their presence across various sectors of the economy, offering a diverse array of products and services to meet both domestic and international market demands.

The availability of credit for MSMEs has seen consistent growth, driven by advancements in technology and data-driven lending practices. A notable government initiative supporting MSMEs’ access to credit is the Pradhan Mantri MUDRA Yojana, aptly described as a scheme dedicated to “Funding the Unfunded”.

On the occasion of the 10th successful year of PMMY, Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman said, “The Pradhan Mantri MUDRA Yojana (PMMY) was launched by Prime Minister Shri Narendra Modi, with the mission of empowering hardworking micro-enterprises and first-generation entrepreneurs. Guided by the Prime Minister’s vision of “Funding the Unfunded”, the scheme extended collateral-free loans to bridge the gap in timely and affordable financing for small enterprises that faced significant challenges in accessing formal institutional credit.”

Highlighting PMMY’s role in Empowering Millions and Fulfilling the Vision of Inclusive Growth, Union Minister of Finance remarked, “With over Rs.33.65 lakh crore sanctioned to more than 52 crore MUDRA loan accounts, the scheme has proved to be an important milestone in giving wings to the aspirations of crores of entrepreneurs, particularly those belonging to marginal sections of society.

Since 2015, Rs.11.58 lakh crores worth of MUDRA loans have been sanctioned to various marginalised communities belonging to Scheduled Castes, Scheduled Tribes and  OBCs  realising PM’s mantra of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas and Sabka Prayaas’”

Union Finance Minister Smt. Nirmala Sitharaman lauded the scheme’s impact with MUDRA: Fueling Women’s Entrepreneurship and Economic Growth, stating, “It is heartening to note that nearly 68% of the total MUDRA loan accounts have been sanctioned to women, becoming a tool for empowerment and enabling women to national economic growth, and inspire the next generation of female entrepreneurs.

In line with the Budget 2024-25 announcement, the introduction of the Tarun-Plus category last year, with an increased loan limit of ₹20 lakh, will further help thriving entrepreneurs expand and unlock their full potential.”

On the occasion, Union Minister of State (MoS) for Finance Shri Pankaj Chaudhary said, “The Pradhan Mantri MUDRA Yojana (PMMY) is one of the most significant initiatives not only in India but also globally, aimed at promoting entrepreneurship. Financial inclusion is one of the top priorities of the government, as it plays a vital role in achieving inclusive growth. PMMY provides a platform for small entrepreneurs to access loan support from banks, NBFCs, and MFIs.”

“While launching the scheme, Prime Minister stated that supporting India’s small entrepreneurs is one of the most effective ways to help the Indian economy grow and prosper. The scheme has provided crucial financial assistance to a vast number of entrepreneurs, helping them set up and operate their businesses and instilling a sense of financial security in them.

It has created self-employment opportunities across the country, especially for marginalized sections of society, including Scheduled Castes/Scheduled Tribes, Other Backward Classes (50% of loan beneficiaries), and women (68% of loan beneficiaries).” MoS added

Stressing on Mudra’s impact MoS said ” The core objective of the MUDRA Yojana is “Funding the Unfunded.” The scheme has successfully ended the exploitation of India’s small entrepreneurs by informal lenders. In less than a decade, it has extended over ₹33.65 lakh crore through 52.37 crore loans, instilling a new sense of confidence among borrowers. This clearly reflects the government’s firm commitment to support their efforts and its accelerated journey toward making India a developed nation by 2047 through inclusive growth enabled by financial inclusion.”

As we celebrate completion of glorious 10 years of providing financial inclusion through the pillars of Pradhan Mantri MUDRA Yojana (PMMY), let us glance through some of the major features and achievements of the Scheme:

The implementation of financial inclusion programme in the country is based on three pillars, namely,

1. Banking the Unbanked

2. Securing the Unsecured and

3. Funding the Unfunded

These aforesaid three objectives are being achieved through leveraging technology and adopting multi-stakeholders’ collaborative approach, while serving the unserved and underserved as well.

One of the three pillars of FI – Funding the Unfunded, is reflected in the Financial Inclusion ecosystem through PMMY, which is being implemented with the objective to provide collateral free access to credit for small/ micro entrepreneurs.

Key Features of PMMY:

  1. MUDRA loans now will be offered in four categories namely, ‘Shishu’, ‘Kishor’, ‘Tarun’ and newly added category ‘Tarun Plus’ which signifies the stage of growth or development and funding needs of the borrowers: –
  • Shishu: covering loans upto Rs. 50,000/-
  • Kishor: covering loans above Rs. 50,000/- and up to Rs. 5 lakhs
  • Tarun: covering loans above Rs. 5 lakh and up to Rs. 10 lakhs
  • Tarun Plus: Rs. 10 lakh and up to Rs. 20 lakhs
  1. Loans cover term financing and working capital needs across manufacturing, trading and service sectors, including activities allied to agriculturelike poultry, dairy, and beekeeping, etc.
  2. The interest rate is governed by RBI guidelines, with flexible repayment terms for working capital facilities.

Achievements under Pradhan Mantri Mudra Yojana (PMMY) as on 21.03.2025

  • Women Borrowers: A total of ₹ 8.49 lakh crore was disbursed under the Shishu category, ₹ 4.90 lakh crore under Kishor, and ₹ 0.85 lakh crore under the Tarun category.

  • Minority Borrowers: The disbursements amounted to ₹ 1.25 lakh crore under Shishu, ₹ 1.32 lakh crore under Kishor, and ₹ 0.50 lakh crore under Tarun.
  • New Entrepreneurs / Accounts:
    • Shishu category: 8.21 crore accounts with a sanctioned amount of ₹ 2.24 lakh crore and disbursed amount of ₹ 2.20 lakh crore.
    • Kishor category: 2.05 crore accounts with ₹ 4.09 lakh crore sanctioned and ₹ 3.89 lakh crore disbursed.
    • Tarun category: 45 lakh accounts with a sanctioned amount of ₹ 3.96 lakh crore and ₹ 3.83 lakh crore disbursed.

Category-wise breakup:- (Number of loans and amount sanctioned)

Category

Percentage as per No. of Loans

Percentage as per Amount Sanctioned

Shishu

78%

35%

Kishor

20%

40%

Tarun

2%

25%

Tarun Plus

0%

0%

Total

100%

100%

 

 

Targets have been achieved since the inception of the Scheme, except for FY 2020-21 due to COVID-19 pandemic.

Year-wise sanction amount is as under:-

Financial Year

No. of Loans Sanctioned

(in Crore)

Amount Sanctioned

(Rs. in Lakh Crore)

2015-16

 3.49

 1.37

2016-17

 3.97

 1.80

2017-18

 4.81

 2.54

2018-19

 5.98

 3.22

2019-20

 6.23

 3.37

2020-21

 5.07

 3.22

2021-22

 5.38

 3.39

2022-23

 6.24

 4.56

2023-24

 6.67

 5.41

2024-25

(as on 21.03.2025) *

 4.53

 4.77

Total

 52.37

 33.65

Special Initiatives:

  • A Credit Guarantee Fund for Micro Units (CGFMU) was established in 2016 to secure loans under PMMY.
  • An Interest Subvention of 2% was provided on Shishu loans during FY 2020-21 under Aatma Nirbhar Bharat Abhiyan, reducing the cost of credit for eligible borrowers.

As India celebrates 10 glorious years of PMMY, it reaffirms the government’s commitment to “Banking the Unbanked,” “Securing the Unsecured,” and “Funding the Unfunded,” fostering financial inclusion and supporting entrepreneurial dreams.

****

NB/AD

(Release ID: 2119954) Visitor Counter : 105

Posted on

Prime Minister shares insights on MUDRA Yojana’s pivotal impact in an interview with Economic Times

Source: Government of India

Posted On: 08 APR 2025 11:29AM by PIB Delhi

The Prime Minister, Shri Narendra Modi today highlighted MUDRA Yojana’s pivotal impact in an interview with Economic Times. In an interview with ET, Shri Modi spoke in detail about the path-breaking impact of the Pradhan Mantri MUDRA Yojana (PMMY).

In a post on X, the Prime Minister said;

“Sharing my interview with Economic Times, where I elaborate on the life changing ability of Mudra Yojana and why it remains an important scheme in our quest for dignity and empowerment. #10YearsOfMUDRA.”

 

 

***

MJPS/ST

(Release ID: 2119952) Visitor Counter : 165

Posted on

New batch of declarations for “Well-off Tenants Policies” and “Occupancy Status” commences

Source: Hong Kong Government special administrative region

New batch of declarations for “Well-off Tenants Policies” and “Occupancy Status” commences 
     The Hong Kong Housing Authority (HA) has distributed the “Well-off Tenants Policies” (WTP) declaration forms and “Declaration Form on Occupancy Status” to approximately 210 000 public rental housing (PRH) tenants involved in the new batch of declaration cycle of WTP. A spokesman for the HA today (April 8) reminded the relevant tenants that they must return the completed forms to the Housing Department (HD) by May 31 this year.
 
     Both declaration forms were delivered into the letter boxes of the tenants concerned on April 1. Tenants are required to declare their income, assets, and any domestic property ownership in Hong Kong in the WTP declaration forms, as well as confirm their regular and continuous residence in the PRH flats and report any left vacant or unauthorised use of the PRH flats in the “Occupancy Status” declaration forms.  
 
     The spokesman reminded tenants and their family members that they must truthfully make declarations. Those who knowingly made false declarations may be prosecuted. Tenants should note the following key points:
 
(i) Tenants who refuse to declare will have their tenancies terminated;
(ii) Tenants must declare honestly to the HA their occupancy status, income, assets, and any domestic property ownership in Hong Kong; including any household members who have signed purchase agreements (including preliminary agreements) or acquired any domestic properties (including uncompleted flats), along with the expected date of assignment and completion of transactions;
(iii) PRH households whose tenancies are terminated due to abuse of PRH resources and breaches of the tenancy agreement, such as abandoning or subletting the units or using the units for illegal use, will be ineligible to apply for PRH for five years;
(iv) For households whose tenancies are terminated under the WTP due to ineligibility for continuous renting of PRH flats, the member(s) who have made false declarations will be subject to a five-year debarment from applying for PRH and are liable to prosecution; 

     Under the prevailing WTP, PRH tenants who have resided for 10 years are required to declare their income, assets and property ownership in Hong Kong every two years. Except for the aforesaid tenants, other tenants will receive declaration forms in later batches and do not need to worry.Issued at HKT 17:00

NNNN

Posted on

LCSD’s “Hong Kong Artists” Series to present cross-genre arts performance “Soundscape Impressions” in May (with photos)

Source: Hong Kong Government special administrative region

LCSD’s “Hong Kong Artists” Series to present cross-genre arts performance “Soundscape Impressions” in May       
     The first half of the programme opens with Debussy’s “Sonata in G minor, L. 140” and Saint-Saëns’s “Suite for Cello and Piano, Op.16”, paired with the paintings of small animals and natural scenery of the four seasons respectively to highlight the resonance between music and painting. It is followed by Ravel’s piano four-hand work “‘Ma Mère l’Oye’ (The Mother Goose) Suite”, inviting audiences into a whimsical fairytale world through the interplay of melodies and painting images. The second half features Ravel’s “Piano Trio in A minor” accompanied by paintings depicting the Hong Kong cityscape, which further explores the boundless possibilities of cross-genre artistic inspiration. This fusion also allows audiences to appreciate and interpret classical music and paintings from multiple perspectives.
      
     Lee is currently the Honorary Artist-in-Residence of the Education University of Hong Kong and a tutor at the Hong Kong Academy for Performing Arts (HKAPA) and the Hong Kong Baptist University (HKBU). Lee has performed worldwide in solo recitals and with numerous renowned orchestras, such as Warsaw Philharmonic Orchestra, China Philharmonic Orchestra, the Israel Philharmonic Orchestra and Hong Kong Philharmonic Orchestra, among others. She has appeared in major festivals, including the Duszniki Festival Poland, Musicus Fest in Espoo, Finland and Shanghai New Music Week.
      
     Fu currently engages in painting and art education. He is a tutor in watercolour painting courses at the School of Continuing and Professional Studies of the Chinese University of Hong Kong. His works centre on everyday scenes of life and people and have been exhibited in more than 20 countries in Europe, America and Asia. He has also received numerous awards, including the Honorable Mention Award in the 2nd International Watercolor Society India Biennale in 2017, the Special Prize in the Poland International Watercolor Competition in 2019 and the Silver Award at the third Asia Pacific Art Biennial Exhibition the following year.
      
     Chan is a violinist sought after as a soloist and chamber player around the globe. He is a two-time Sylva Gelber Music Foundation Award recipient in Canada. In 2023, Chan won the Musicus Society’s Young Artist Audition and was selected to join the roster of Musicus Soloists Hong Kong.
      
     Poon now serves as the Artistic Director of the Hong Kong International Cello Association and teaches at the HKAPA and the HKBU. Poon’s performance engagements with various organisations have taken her to China, Thailand, Japan, Italy, France, Spain, and more, in addition to her regular concert appearances in Hong Kong. 
      
     Young pianist Wong has given solo recitals in the United States, Europe and Asia and has performed at venues, such as the National Concert Hall in Dublin and Carnegie Hall in New York. She is a prize winner in the 2022 Steinway Förderpreis Münster and gained first prizes in the Karlovac International Piano Competition, the Valletta International Piano Competition, and more.
 
The “Hong Kong Artists” Series: “Soundscape Impressions” will be staged at 8pm on May 10 (Saturday) at the Studio Theatre of the Hong Kong Cultural Centre. Tickets priced at $240 and $320 are now available at URBTIX (www.urbtix.hk 
The programme will also feature an open rehearsal at 4pm on May 9 (Friday) at the Studio Theatre of the Hong Kong Cultural Centre, with free admission specially for local primary and secondary school students, giving students a chance to appreciate the unique cross-genre arts performance. Interested schools can call 2268 7321 for details.
 
The “Hong Kong Artists” Series of the LCSD aims to provide a platform for local artists to showcase their remarkable talents. In addition to individual performances, it also encourages cross-genre works to highlight their unique styles. This year’s series will introduce 10 distinguished musicians in six stunning programmes, featuring violin, piano, cello, guzheng and vocal arts. Among them, a cross-genre performance of music and painting will be staged to showcase Hong Kong’s unique cultural character, embracing diversity and innovation. For more information, please visit www.lcsd.gov.hk/CE/CulturalService/Programme/en/music/groups_1823.htmlIssued at HKT 14:30

NNNN

Posted on

Department of Financial Services notifies amalgamation of 26 RRBs in fourth phase of amalgamation

Source: Government of India

Posted On: 08 APR 2025 2:31PM by PIB Delhi

Department of Financial Services (DFS) has notified amalgamation of 26 Regional Rural banks (RRBs) on the principles of “One State One RRB”. This is fourth phase of amalgamation of RRBs.

Considering the improvement in efficiency of the RRBs due to amalgamations in the past, Ministry of Finance had rolled out an amalgamation plan in November-2024 for consultation with stakeholders. After consultation with stakeholders, amalgamation of 26 RRBs in 10 States and 1 UT  have been carried out with primary focus on improvement in scale efficiency and cost rationalization.

At present, 43 RRBs are functioning in 26 States and 2 UTs. Post amalgamation, there will be 28 RRBs in 26 states and 2 UTs with more than 22000 branches covering 700 districts. Their predominant area of operation is in rural areas with approx. 92% of branches in rural/semi urban areas.

This is fourth phase of amalgamation. In previous 3 phases viz. Phase-I (FY 2006 to FY 2010) number of RRBs were reduced from 196 to 82, Phase-2 (FY 2013 – FY 2015) number of RRBs were reduced from 82 to 56 and Phase-3 (FY 2019 to FY 2021) number of RRBs were reduced from 56 to 43.

Click here for the gazette notification.

*****

NB/AD

 

 

(Release ID: 2120016) Visitor Counter : 156