Small entrepenuers can now tap insurance companies for sureties
"To reduce indirect cost for suppliers and work-contractors, the use of surety bonds as a substitute for bank guarantee will be made acceptable in government procurements. Business such as gold imports may also find this useful. IRDAI has given the framework for issue of surety bonds by insurance companies," finance minister Nirmala Sitharaman said in her budget speech.
Scheduled commercial banks to set up 75 digital banks in 75 districts: FMA high-level panel to be set up for urban planning, Sitharaman said, adding the next phase of ease of doing business and ease of living will be launched.
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