Edelweiss celebrates International MSME Day
Jabalpur, June 27, 2019: ECL Finance Limited, part of Edelweiss Group, one of India’s largest diversified financial services, today celebrated International Micro, Small and Medium-sized Enterprises (MSME) day at its branch in Jabalpur.As part of the celebrations, key members of the SME community were felicitated along with several other initiatives for clients and industry.
The United Nations General Assembly designated June 27 as International MSME day to raise public awareness of MSMEs’ contribution to sustainable development.The day is celebrated to salute the spirit of small entrepreneurs for their immense contribution in driving India’s growth story. The celebrations were graced by Prem Dubey, President, Jabalpur Chamber of Commerce along with Edelweiss’ MSME customers and senior company personnel.
Prem Dubey said “MSMEs are catalysts to India’s growth story. It gives me immense pleasure in congratulating them for their tremendous contribution to our city, community and the country’s economy. Edelweiss’ effort in encouraging this spirit of entrepreneurship by supporting these small enterprises with timely credit, is indeed commendable.”
Mehernosh Tata, Head SME Lending, Edelweiss said, “The contribution made by MSMEs to the Indian economy is truly of significance and commendable. By contributing to over 30% of the GDP, Indian MSMEs are helping develop communities and generate significant employment. We started celebrating this day last year, in recognition to their contribution and will continue the celebrations year on year. We understand the need for timely finance, and we are committed to providing them affordable and timely credit to ensure their growth story is well supported and sustainable.”
Edelweiss also hosted a panel discussion on the theme Digitalisation: Is it big money for small business at its headquarters in Mumbai, earlier today, to celebrate the day.
The Credit business has been a significant growth engine for the Edelweiss Group with the retail credit segment having grown to 50% of the total book at over INR 18000 crore at the end of FY19. The business has both size and scalability with a growing presence pan India. The overall Credit business has remained resilient amidst tough market conditions due to the sheer strength of its diversified business model, robust risk mitigation and credit assessment as well as superior asset quality and low NPA levels.
The Edelweiss Group is one of India’s leading diversified financial services company providing a broad range of financial products and services to a substantial and diversified client base that includes corporations, institutions and individuals. Edelweiss’s products and services span multiple asset classes and consumer segments across domestic and global geographies. Its businesses are broadly divided into Credit Business (Retail Credit comprises of Retail Mortgages, SME and Business Loans, ESOP and Margin Financing, Agri and Rural Finance,Corporate Credit comprises of Structured Collateralized Credit to Corporates and Wholesale Mortgages, and Distressed Credit), Advisory Business (Wealth Management, Asset Management and Capital Markets) and Insurance (Life and General Insurance).