Chandigarh, India, 22 May 2025: The commercial credit portfolio for India’s Micro, Small and Medium Enterprises (MSME) sector grew at 13% year-over-year (YoY) as the overall credit exposure increased to Rs 35.2 lakh crore as of March 31, 2025. This trend was largely driven by an increase in credit supply to existing borrowers, according to TransUnion CIBIL and SIDBI’s MSME Pulse Report for May 2025. The MSME sector includes borrowers with credit exposures up to Rs 50 crore.

Growth in the overall credit portfolio was accompanied by an improvement in balance-level serious delinquencies (measured as 90 to 720 days past due (DPD) and reported as ‘sub-standard’), which fell to 1.8%, a five-year low.

Credit Performance Remains Strong, With Reduction in Balance-level Delinquencies

Overall MSME balance-level delinquencies improved to 1.8%, a 35 basis points drop from 2.1% in March 2024. This improvement was primarily driven by the borrower segment with exposure of Rs 50 lakh to Rs 50 crore. The borrower segment with exposure up to Rs 10 lakh, however, witnessed a slight deterioration at 5.8% in March 2025 compared to 5.1% in March 2024. Similarly, the borrower segment with exposure from Rs 10 lakh to Rs 50 lakh also saw a marginal rise in the delinquency level to 2.9% as compared to 2.8% in March 2024.

MSME Credit Growth Momentum Remains Robust

The demand for commercial credit, which is measured by the number of enquiries, grew 11% YoY in the quarter ending March 2025. Commercial credit supply (by value) grew 3% YoY in FY 2024-25. However, in the last quarter (Jan-Mar 2025) there was a decline of 11% YoY possibly due to higher credit concerns among lenders arising from increased external headwinds. Despite this slowdown in origination, credit extended through new cash credit facilities remained resilient with 7% YoY growth for the same quarter. While the share of New-to-Credit (NTC) MSME borrowers to total new loan originations continued to be strong at 47% as of March 2025, it was lower than the share of 51% one year prior.

In the quarter ending March 2025, public sector banks offered 60% of NTC originations. The trade sector contributed the greatest proportion of NTC borrowers at 53%, while the manufacturing sector saw the highest YoY growth (70%) in the number of NTC borrowers originating a commercial loan.

The manufacturing sector had a greater share of the origination value, at 34%, despite contributing to only 23% of all new loans disbursed in the quarter ending March 2025. However, the share of originations by value to the manufacturing sector has declined steadily over the last two years and shifted in favor of professionals and other services and other sectors, which now contribute to 36% of all new loans disbursed by value, up by five percentage points in the last four years.

Maharashtra, Gujarat, Tamil Nadu, Uttar Pradesh and Delhi continued to dominate commercial lending, together accounting for 48% of the value of overall originations in the quarter ending March 2025. While the manufacturing sector had the greatest share of originations in Maharashtra, Gujarat, Tamil Nadu and Delhi, Uttar Pradesh had the most originations to the trade sector.

Mr. Manoj Mittal, Chairman and Managing Director, Small Industries Development Bank of India (SIDBI) said: “The MSME sector plays a crucial role in generating employment opportunities and contributes to export growth. Though the credit flow to the sector has improved over the years, the sector still has an addressable credit gap. Providing support to MSMEs can help the sector’s growth and aid the overall economic growth of our country. By fostering innovation, enhancing skill development programs and improving access to financial resources, we can empower MSMEs to become more competitive on a global scale. This in turn will bolster the sector and drive sustainable economic development and inclusive growth across the nation.”

Mr. Bhavesh Jain, MD and CEO, TransUnion CIBIL said: “For MSMEs to achieve sustainable growth, it is imperative that they receive assistance in accessing formal credit and guidance in debt management. Additionally, fluctuations in the business cycle affect these enterprises disproportionately, as they often lack the financial reserves or support necessary to navigate adverse conditions. Therefore, it is crucial to extend support to this sector and equip them with tools for effective financial management.”

22nd May 2025: This summer, Just Cavalli brings a bold and radiant touch to the world of fashion accessories with the launch of its Summer 2025 Collection—a series of elegant, statement-making watches that effortlessly blend contemporary design with timeless elegance. Known for its distinctive style and iconic motifs, Just Cavalli continues to redefine modern luxury with timepieces that are as powerful as they are polished.

From sleek metallic straps to embossed dials and signature animal-inspired detailing, each watch in the collection reflects the brand’s unmistakable aesthetic—bold, confident, and effortlessly chic. Whether you’re dressing up for a summer brunch or heading out for an evening affair, these watches are designed to be versatile fashion companions, elevating any outfit with their refined craftsmanship and standout appeal.

Key Highlights from the Collection

• Analog Snake Watch: A bold reimagining of high-fashion style, this watch features a striking green oval dial framed by a crystal-encrusted bezel. Paired with a luxurious gold strap and durable mineral glass, it brings glamour and resilience together in one stunning accessory.

• Brillante Snake Watch: With its asymmetrical rose gold dial and matching stainless steel strap, this timepiece exudes modern sophistication. The unique shape and delicate detailing make it an ideal piece for women who appreciate design-forward fashion with everyday functionality.

• Fiore Analog Watch: Featuring a gold stainless steel strap and a silver dial adorned with shimmering crystals, this elegant piece captures the essence of timeless luxury. Its radiant finish and clean design make it a versatile staple in any watch collection.

• Vita Analog Watch: This eye-catching design combines a polished rose gold strap with a deep olive dial and a crystal-embellished bezel. The harmonious color palette and refined construction make it a standout statement piece, perfect for elevating any ensemble.

Each watch in the Summer 2025 line offers water resistance up to 30 meters, ensuring practicality without compromising on style. True to Just Cavalli’s legacy, these timepieces are more than accessories—they are expressions of individuality, elegance, and confidence.

With this new collection, Just Cavalli continues to cater to the modern woman—one who values both precision and panache, and isn’t afraid to make a bold impression wherever she goes. The Summer 2025 Collection isn’t just about telling time; it’s about telling a story—one of luxury, identity, and timeless style.

Bengaluru, 22 May 2025: Kotak Mahindra Bank (“KMBL”/“Kotak”) today introduced a bold new chapter for Kotak811, its flagship digital banking platform, with a campaign that celebrates the seamless, intuitive, and full-service experience it now offers. Designed for India’s digital–first generation, the new Kotak811 is more than just an app—it’s a complete bank in your pocket.

India is undergoing a remarkable transformation in consumer behavior, fueled by widespread smartphone usage, affordable internet access, and increasing confidence in digital ecosystems. With over a billion mobile connections and a youthful, tech-savvy population, the stage is set for a digital banking revolution. Today’s consumers demand more than traditional banking—they want speed, simplicity, and security, all seamlessly integrated into a mobile-first experience. This is precisely the space Kotak811 is designed to lead.

Speaking at the launch of campaign, Rohit Bhasin, CMO and Head – Propositions, said “At the heart of this evolution is a vibrant campaign featuring Ranveer Singh, capturing the essence of what modern banking should feel like: effortless, fast, and smooth. The campaign’s core message—“Banking so smooth, it’s Makkhan”—reflects the app’s frictionless user experience and its ability to meet every financial need with just a few taps.”

Manish Agarwal, Business Head, Kotak811, said, “India stands on the brink of a digital banking breakthrough, and Kotak811 is built for this very moment. From instant onboarding in under five minutes to seamless UPI payments, smart investment tools, and cashbacks—backed by the credibility of Kotak Mahindra Bank—our platform delivers a truly digital–first experience. It’s not just about ease of use; it’s about trust, security, and a user journey that feels second nature. That’s our differentiator.”

Jay Kotak, Co-head, Kotak811, emphasized the customer-centric approach behind the platform’s evolution, “This is not just a new campaign—it’s a reflection of how deeply we’ve listened to our customers. Today’s Indian consumer expects more than just an amazing payment app. They want a full-service bank that’s fast, intuitive, and always accessible. Kotak811 delivers exactly that.”

India, 22^nd May, 2025: Vogue Eyewear proudly welcomes Bollywood actor Shahid Kapoor as the new brand ambassador, marking an exciting new chapter for the iconic eyewear brand. Shahid joins longstanding brand ambassador Taapsee Pannu in a visually captivating campaign film that emphasizes Vogue Eyewear’s commitment to individuality, self-expression, and personal style.

In a world where conformity often takes center stage, the campaign reinforces brand ethos through the lens of the ‘No Rules Club’ and celebrates those who live life on their own terms. The film reaffirms that being true to oneself is the only rule that matters.

In a striking film set within a modern, gallery-inspired space, Shahid and Taapsee share a dynamic blend of playful banter and introspective moments. The setting serves as a powerful metaphor that just like art, style too thrives in freedom. The film further underlines that in a world of expectations and norms; one should live life unencumbered.

“Style to me has always been about self-expression without boundaries. I’m excited to join Vogue Eyewear and to be part of its campaign, that encourages people to be themselves, unapologetically and without rules,” said Shahid Kapoor.

Echoing this spirit, Taapsee Pannu added, “Working with Vogue Eyewear has always been about embracing who I am — unfiltered and free”. She also shared her excitement about the collaboration in the new campaign, “Together we hope to inspire more people to own their style, their way.”

The eyewear featured in the film go beyond being just fashion accessories as they are reflections of individuality, charisma, and inner confidence. From bold silhouettes to elegant classics, the new collection reinforces how the right eyewear doesn’t just elevate your look; it completes your expression.