Business Diary: Initiative of NAFED-FCI, Bharat Rice will be available in Army canteen; CEA Nageswaran speaks on NPA in MSME – Business Updates Bharat Rice Nafed Cea Msme Npa Sebi Rbi Forex Gold Silver Crude Rates Oil Price News

After gaining a strong hold among the consumers, National Agricultural Cooperative Marketing Federation (NAFED) is now going to establish its foothold in the canteens of the Indian Army as well. In the coming days, Bharat brand rice will be available in all military canteens across the country, the formal launch of which is likely to take place from October 12. At present pulses are being supplied by NAFED to the Canteen Stores Department (CSD). Considering the excellent quality of pulses, the Army has now decided to procure rice from NAFED. According to sources, at present about 35 thousand tonnes of pulses are being supplied annually to the Army by NAFED, while the annual consumption of ‘Bharat Rice’ has been estimated to be up to 30 thousand tonnes. NAFED has completed all its preparations in this regard. To make this entire system very smooth and transparent, NAFED will work in collaboration with Food Corporation of India (FCI) and will purchase raw paddy or rice directly from farmers and open market.

NPA classification rules for MSMEs should be reconsidered: CEA

Chief Economic Adviser (CEA) V Ananth Nageswaran said the Reserve Bank should reconsider the rules regarding classification of non-performing assets (NPAs) for micro, small and medium enterprises (MSMEs). These rules should be tailored to the country’s business traditions and cash flow patterns rather than being tailored to global standards. He said that at the policy level the Finance Ministry has been advocating review of these norms. Under the current system, loans are classified as Special Mention Accounts (SCA) based on the period of outstanding payment. Its categories correspond to 30 days, 60 days and 90 days of outstanding payments. Generally, if the payment of interest or principal remains outstanding for more than 90 days, the account is declared a Non-Performing Asset (NPA).