DK FlipBook-Magzter January 2019

IN THE NEWS
ESAF GETS RBI NOD TO OPERATE
AS SCHEDULED BANK
ESAF Small Finance Bank Ltd. has received Reserve
Bank of India (RBI) approval for its inclusion in the
second schedule of the RBI Act 1934 within two years of
its commencement of operations.
This makes ESAF Small Finance Bank the fifth
scheduled bank from Kerala. ESAF MFI was one
among the 10 applicants to receive approval from RBI
to start banking operations in
2016. “The recognition from
RBI will encourage our journey
towards financial inclusion.
This will give us more legroom
and regulatory support to boost
business and gain greater trust
from stakeholders and customers,”
said K Paul Thomas,
Managing Director and CEO. As
a scheduled bank, ESAF Small
Finance Bank can now broadbase
resource mobilisation through the issue of certificate
of deposits and inter-bank borrowings at competitive
rates of interest. The bank can also access sources
of funds from trusts, associations, religious institutions,
mutual funds etc. It will also enable the bank to avail
higher refinance facility.
KERALA WINS NATIONAL HONOUR
FOR PROMOTING STARTUPS
Kerala has got a shot in the arm for its efforts in
nurturing the startup ecosystem of innovators and
entrepreneurs, with the Government of India lauding its
initiatives in a nationwide ranking of states’ performance.
The Kerala Startup Mission (KSUM) received the
honour of ‘Top Performer’ in the annual States’ Startup
Ranking 2018 exercise held in New Delhi.
A total of 27 states and three Union Territories participated
in the ranking exercise, which was launched by
Suresh Prabhu, Union Minister
of Commerce and Industry, on
February 6. “We were the first
State in India to evolve a startup
policy way back in 2014. This
recognition is testimony of the
work we have done,” said Dr.
Saji Gopinath, CEO, KSUM,
after accepting the honour from Ramesh Abhishek IAS,
Secretary, Department of Industrial Policy and Promotion
(DIPP).” The Top Performer ranking also recognised
efforts of ‘Champions of State’, who have been
instrumental in strengthening the startup ecosystem.
From Kerala, Dr. Gopinath and M Sivasankar IAS,
Secretary, Electronics & IT, Government of Kerala, were
felicitated with the title.
STARTUPS, EXPORTS
TO LIFT FOOD SECTOR
Kerala’s agriculture sector is
poised for strong growth, riding
on rising exports of spices and
seafood, and a new energy provided
by startups in the sector, opined experts
who addressed the CII’s Kerala
Food Summit held in Kochi recently.
V S Sunil Kumar, Kerala’s Agriculture
Minister, said in his inaugural
speech that while holding a
Summit like this, we should deliberate
upon how the benefits of such
growth in the industry could aid
farmers who are constantly experiencing
a drop in commodity prices.
He added that a holistic effort
focussing on branding indigenous
varieties of agricultural products
found in the region and deriving
more value-added items should be
top priority.
“I am confident that through a
joint effort of farmers’ collectives,
research institutes, government and
the industry, Kerala can emerge as
a strong force in the food processing
and export industry,” said the
Minister.
“The significance of the food industry
is that it creates employment,
mobilises investible resources from
the rural sector, promotes agricultural
production and industrialisation
in such an economy, and tackles
rural-urban migration,” said Dr. S
Sajikumar, Chairman, Kerala CII.
Navas M Meeran, Past Chairman,
CII Southern Region, said, “There
are immense opportunities for startups
to fill the gaps in the existing
food sector value chain and transform
the food processing economy.”
January 2019 • Destination Kerala / 45