The Union Budget 2024 brought positive news for the Banking, Financial Services and Insurance (BFSI) sector in India, with a focus on supporting Micro, Small and Medium Enterprises (MSMEs) and the housing sector. Here's a quick rundown:

• MSMEs get a helping hand: A credit guarantee scheme and upfront guarantee fund will provide easier access to credit, especially for MSMEs in manufacturing facing financial stress. The Mudra loan scheme's limit is also being increased for good customers.
• Focus on affordable housing: AAS yoga, a budgetary measure to boost affordable housing, received an allocation of ₹7,000 crore, specifically targeting economically weaker sections (EWS) and low-income groups (LIG). This should increase demand and supply in the housing market.
• Banks need to adapt: Though the budget brings positive changes, consumer behavior and its impact on deposit growth remains a key challenge for banks.

Overall, the budget aims to strengthen the BFSI sector by supporting crucial segments like MSMEs and housing. This should lead to a more robust financial ecosystem and potentially benefit various stakeholders.

For more details, watch the full video.