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It is compulsory to open a current account for startups in India?
Posted on Friday, March 31st, 2023 |
Starting a new business is an exciting time for entrepreneurs, but it also comes with many important decisions that need to be made. One of those decisions is whether to open a current account for the startup. In India, there is no legal requirement for startups to open a current account, but there are many…
Read moreCan current account holders use UPI?
Posted on Thursday, March 23rd, 2023 |
Unified Payments Interface, popularly known as UPI, is a revolutionary payment system that has transformed the way people in India transfer money. It allows for seamless and instant transfers between bank accounts using a mobile application. UPI has made banking simpler, faster, and more secure. However, many people are still unsure about whether current account…
Read moreWill a current account be closed if it has zero balance?
Posted on Wednesday, March 22nd, 2023 |
The business sector in India has undergone a remarkable transformation over the past few decades and is now recognized as one of the most dynamic and diverse in the world. With a large and growing consumer base, a vibrant entrepreneurial ecosystem, and a favorable policy environment, India has become a hub for several industries, including…
Read more5 reasons why small businesses must have a current account
Posted on Friday, March 17th, 2023 |
India’s ever-growing business landscape has created a highly competitive environment for small businesses. With a large number of startups and small businesses vying for market share, it has become increasingly challenging for small businesses to differentiate themselves and succeed. Hence, managing finances effectively has become extremely critical for small businesses to survive this cut-throat competition…
Read moreCan I open a current account for a home-run business?
Posted on Tuesday, March 14th, 2023 |
Starting a home-run business can be an exciting venture, but it also requires careful consideration of various aspects, including the financial aspect. One of the most important financial decisions you will need to make as a home-run business owner is deciding whether to open a current account. A current account is a type of bank…
Read moreWhy every merchant needs an All-In-One banking app
Posted on Tuesday, March 7th, 2023 |
The COVID-19 has speed up digital transformation and technology by several years. The world is increasingly moving towards digitization, with India spearheading this transformation. Today, from ordering groceries to shopping for home appliances, booking train & flight tickets, searching for new cooking recipes or checking the score of a cricket match, we rely on our…
Read moreHow many types of current accounts are there in banks?
Posted on Friday, March 3rd, 2023 |
A current account is a type of bank account that is primarily used for business purposes. It is designed to facilitate frequent transactions and payments, and it allows you to make and receive payments using a variety of payment methods, including cheques, debit cards, and electronic transfers. Unlike a savings account, which is designed for…
Read more5 Reasons to download Indus Merchant Solutions App
Posted on Wednesday, February 15th, 2023 |
The Indian Business Sector has been growing at an exponential rate. Medium to small scale businesses are now driving India’s growth. Owning a business can be incredibly rewarding, but running a big business, or starting a small one, requires a lot of work, time, and money. Additionally, you will face a lot of challenges in…
Read moreHow to accept payments using Indus Merchant Solutions App
Posted on Thursday, February 9th, 2023 |
Digital transactions have revolutionized the payments landscape in India. The era of demonetization and the Covid-19 pandemic nudged the business sector to shift to cashless payments in order to survive. With this, both the merchants and customers got to experience the convenience associated with digital payment solutions. The ease of conducting financial transactions with just…
Read moreWhich is the best kind of loan for MSME?
Posted on Friday, December 23rd, 2022 |
Expanding your small-scale business or setting up a new one requires well-structured financial assistance. Business expansion involves hiring employees, setting up new franchises, increasing marketing efforts, offering new products & services and producing the existing ones in a bigger volume. All of this requires a regular flow of funds. This is where MSME loans enter…
Read moreTop 10 problems faced by MSME in India
Posted on Wednesday, December 21st, 2022 |
The MSME, or the micro, small and medium enterprises are vital constituents of the Indian industrial sector. They contribute significantly to the GDP and export earnings besides meeting the social objectives of developing backward areas, reducing regional disparities, and providing employment opportunities to millions of people across the country. Despite this, MSMEs in India suffer…
Read moreDo MSMEs need a GST number for Udyam certificate?
Posted on Friday, December 16th, 2022 |
For any business to be legally recognized as a supplier of goods and services, registration in the tax system is the most fundamental requirement. Without registration, you can neither collect tax from your customers, nor claim any input tax credit of the tax paid by your enterprise. As the name suggests, GST Registration is the…
Read moreDifference between NSIC & MSME
Posted on Thursday, December 15th, 2022 |
The Ministry of MSME has set up several departments to look after specific needs of upcoming and growing dynamic business needs of the micro, small & medium enterprises. The NSIC, or the National Small Industries Corporation Limited of the MSME Ministry caters to small-scale business in raw material procurement, product marketing, credit rating improvement, technology upgradation…
Read moreMSME Udyam Registration process and benefits: Step-by-step guide
Posted on Friday, December 9th, 2022 |
The MSMEs, or the Micro, Small, and Medium Enterprises play a vital role in the economic growth of the developing nations. In the last five decades, MSMEs have helped India reduce economic disparity, rural-urban divide, and regional imbalances. The Indian MSME sector produces over 6,000 different products, which account for 45% of all industrial jobs,…
Read moreMSME Guide: Which businesses fall under MSME, and which don’t. See full list!
Posted on Tuesday, December 6th, 2022 |
The MSME, or the micro, small and medium enterprises are considered the backbone of the Indian economy. The contribution of MSMEs in accelerating the economic growth of the nation has increased manifold in the last 5 years. In 2019-2020, the contribution of Indian MSMEs in the India’s GDP stood at a whopping 30 per cent….
Read moreA Guide to the MSMED Act in India
Posted on Friday, December 2nd, 2022 |
The MSME or Micro, Small, Medium Enterprises for long had demanded for a single comprehensive law which will ease the challenges for small businesses by easing rules and regulations. In addition, groups like the Abid Hussain Committee (1997) and the Study Group led by Dr. S.P. Gupta (2000) recommended creating a proper legal framework for…
Read moreA Driving Force to India’s Economic Growth: What are MSMEs?
Posted on Wednesday, November 30th, 2022 |
MSME, you might have heard it in the news or in a discussion with your colleagues – but what really are MSMEs? MSMEs are micro, small, and medium-sized businesses that work in the service industry or the production, processing, manufacturing, and preservation of goods. According to the provisions of Micro, Small & Medium Enterprises Development…
Read moreHow to Open a Merchant Account?
Posted on Wednesday, June 8th, 2022 |
In the past few years, there has been a change in the way we carry on our financial transactions. The demonetisation, subsequent COVID-19 pandemic and the payments infrastructure that India has built supported by the Unified Payments Interface or UPI are reasons why digital modes of payments include debit/credit cards, mobile wallets, and internet banking….
Read moreUnderstanding the Merchant Services provided by Banks
Posted on Monday, May 2nd, 2022 |
With the ever increasing adoption of electronic payments, it has become really important for businesses to have the necessary infrastructure to accept and process electronic payments from their customers. The sheer convenience of making payments electronically has made it so that many customers prefer making electronic payments and businesses that don’t provide these services, risk…
Read moreThe Guide to Merchant Banking Services
Posted on Sunday, March 27th, 2022 |
Customers prefer to make payments electronically because of the convenience that they provide.However, businesses, need to have the necessary payments infrastructure in place in order to accept payments digitally. But how do you actually go about it with all the jargon around this topic such as merchant accounts, merchant services, etc.? Worry not. Here’s a…
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