November 7, 2024

Finance Ministry proposes 4th phase of consolidation of Regional Rural Banks (RRBs) asper reports

Finance Ministry proposes 4th phase of consolidation of Regional Rural Banks

The proposed merger reduces the number of RRBs from 43 to 28 to make them more efficient. Consolidation is also derived from vision of One State-One RRB.   Consolidation of RRBsRRBs have been consolidated in a phased manner based on recommendations of Dr. Vyas Committee (2001).Consolidation began in 2004-05 which resulted in reduction of such institutions from 196 to 43 till 2020-21 through 3phases of amalgamation.Significance of consolidation: Minimised overhead expenses, technology adoption, enhanced capital base and area ofoperation, and increased exposure. In a bid to achieve operational efficiency and cost rationalisation, the Finance Ministry has initiated the fourth round of consolidation for Regional Rural Banks (RRBs) and the number of such banks is likely to come down to 28 from 43 at present. As per the roadmap prepared by the Finance Ministry, 15 RRBs operating in various states would be merged. Among states that will see consolidation of RRBs include Andhra Pradesh, which has the maximum number of RRBs (4), Uttar Pradesh and West Bengal (3 each), and Bihar, Gujarat, Jammu & Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Odisha and Rajasthan (2 each) In the case of Telangana, the amalgamation of RRBs will be subject to bifurcation of assets and liabilities of Andhra Pradesh Grameena Vikas Bank (APGVB) between APGVB and Telangana Grameena Bank. “Given the rural expansion of RRBs and agro-climatic or geographical ethos and in order to retain the USP of RRBs viz the closeness to communities, it is the felt need to embark on further consolidation of RRBs towards the goal of ‘One State-One RRB’ so as to derive the benefit of scale efficiency and cost rationalisation,” Department of Financial Services said in a communication to head of state-owned banks. Consolidation of RRBs started in 2004-05 and after three phases of amalgamation, the number has come down to 43 from 196. This has helped RRBs “minimise their overhead expenses, optimise the use of technology, enhance the capital base and area of operation, and increase their exposure”. “Given the rural expansion of RRBs and agro-climatic/geographical ethos and in order to retain the USP of RRBs viz. closeness to communities, it is the felt need to embark on further consolidation of RRBs  .

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Craftsvilla Seller Registration

Craftsvilla Seller Registration

Craftsvilla is an Indian-based e-commerce platform that sells ethnic items for women, such as ethnic clothing, ethnic footwear, ethnic fashion accessories, ethnic handcrafted home accessories, lifestyle products, and beauty products from the industry. Craftsvilla, created in 2011 by Monica & Manoj Gupta, is an online marketplace for exclusive handmade, handmade, organic, and gift products. The firm claims to have more than 25,000 sellers on its website, offering nearly 3.5 million products. Worldwide, the Craftsvilla ship is free of charge for items worth over $250. The start-up claims to sell more than 4 million items to over 25,000 artisans and designers. The products are classified into different categories, each further divided into sub-segments, such as jewelry, handbags, home décor, clothes, food & health, footwear, etc. With almost 80% of buyers being women, Craftsvilla is so famous for ethnic wear. The push would be to improve craftsmanship and make it readily available. They try to keep things bright and vibrant, which draws customers from the 18-35 age group. About 50 percent of the orders come from cities in Tier 2. And as with e-commerce portals in India, Cash On Delivery makes up 50 percent of revenues (COD). What is Craft villa.com? Craft villa.com is basically an online platform for selling ethnic products, natural and organic products, etc like Flipkart, Amazon, etc. However, Craftsvilla offers a variety of products like sarees, lehenga, jewelry, handmade accessories, salwar suits, etc.  Craftsvilla becomes a bridge between the local seller and customers. It enhances the profits of the local seller, creates their business brand and preserves the culture of India and their locality. It is not mandatory that the seller must be of state level but any local seller can become a seller on Craftsvilla by following a simple process. Craftsvilla provides the facility of shipping products online. Documents required for Craftsvilla Seller Registration PAN Card GST Registration (if in case applicable) Identity proof Canceled cheque Bank Account details Trademark registration certificate, (if there is any). VAT/TIN Craftsvilla Registration – Requirements Business Registration There is no requirement for a specific type of business entity to become a seller on Craftsvilla. But, we recommended Craftsvilla sellers to be registered as a LLP or Private Limited Company to enjoy limited liability protection and easy access to credit. Further, being registered as a corporate entity would ensure that the business is scalable and transferable in the future. In addition, listing on other ecommerce portals would also be easier and faster while being registered as a corporate entity. VAT or Service Tax Registration To sell on Craftsvilla, VAT or TIN registration is not mandatorily required. VAT registration or service tax registration maybe required if the seller proposes to sell taxable goods or services through the platform. However, to complete the seller registration process, VAT or service tax registration details or documents is not mandatorily required. PAN and Bank Account PAN of the seller is mandatorily required on Craftsvilla. In addition, bank account details of the seller along like account holder name, account number, IFSC code and bank details are required to process payment to the seller. Trademark Registration On beginning to sell on online platforms, any brand would get a lot of exposure. Hence, its important to ensure that the brand is trademarked to avoid counterfeit goods or competitor listing for the same product in the long term. Hence, its recommended that sellers selling their own brand of goods or services on Craftsvilla  obtain Trademark registration. FAQs What is Craftsvilla? Craftsvilla is an online marketplace that specializes in ethnic products, including apparel, accessories, home decor, and handcrafted items. It allows artisans, designers, and sellers to showcase and sell their products to customers across India and internationally. Who can register as a seller on Craftsvilla? Anyone who creates or sells ethnic and handcrafted products, such as artisans, designers, small businesses, or independent sellers, can register on Craftsvilla. Sellers should have unique, authentic products in categories like apparel, accessories, jewelry, home decor, or other ethnic items.

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