State Bank of India Chairman CS Setty on Friday pitched for the creation of a market infrastructure institution to track the end-use of funds borrowed or raised as equity by small businesses.

A “viable mechanism” is needed to ensure that the funds are used for the intended purposes, Setty said in remarks which come amid heightened concerns on the subject of end-use of funds.

“We will require a viable mechanism to track the actual use of these funds to ensure that the funds are utilised for the purposes they have been raised for, probably through the establishment of a separate market infrastructure institution with powers to track the use of borrowed funds or the funds raised through equities,” Setty said.

Addressing a conference organised by the SEBI-promoted NISM, Setty said the creation of such a platform will provide comfort to lenders as well as investors, and make pricing more competitive.

It can be noted that the RBI has been pressing lenders to monitor end-use funds, especially in case of borrowings by small businesses.

In March last year, the central bank asked lenders issuing business credit cards to monitor the end use of funds. There have also been reports of some unsecured borrowings being used to punt on the riskier segments of the derivative markets.

Setty said capital will be required in big quantum in order to achieve the growth aspirations, and given that the youth will be a big source of the funds, it is the responsibility of mutual funds and primary markets to ensure that the money does not go into derivative segments as has been the case in recent years.

Achieving the aim of developed India by 2047 would entail a GDP growth of 8-9% till 2036, Setty said, giving out estimates on the capital which will be needed over the next decade.

The domestic saving rate has to rise from the present level by at least 3.50% points to 33.5% for achieving the growth agenda, he said, adding that the role of the capital market will also be important and we will need depth in the country’s equity markets.

Setty said Micro, Small and Medium Enterprises (MSMEs) tend to lack proper financial records or the financial resources to get external credit ratings, while banks also find it challenging to price the risk involved in lending to such entities.

“For greater involvement of capital markets in funding these important pillars of the economy, we will need to find a way to formalise and collate all these disparate sources of information and create a repository to enable investors to correctly price the credit risk on these MSMEs,” he said.

Given the green financing imperative, it is also necessary to identify institutional gaps that need to be bridged to mobilise funding with minimum possible impact costs, he said.

Bistro by Blinkit, Zomato’s play in the quick food delivery space, will not use restaurant data from Zomato’s food delivery and dining-out operations.

“This is going to be a significant additional cost to us, but ethics and sticking to our word mean more than anything else to us at Zomato and we are not going to give it up to save some marketing cost,” noted Albinder Dhindsa, CEO of Blinkit, in a post on X.

Bistro’s standalone app is built by a separate team rather than being operated under Blinkit’s parent Zomato. Zomato will not even market Bistro, clarified Dhindsa in a post.

The clarifications follow Dhindsa’s formal launch of Bistro, which is being tested across a few locations in Gurugram to ascertain the product-market fit.

“At Bistro, no preservatives or food processors are used in preparing the food, nor is it microwaved processed food. Instead, we are investing in infrastructure and R&D to create tasty dishes within 5 minutes or less,” added Dhindsa.

The statement comes after Sagar Daryani, President of the National Restaurant Association of India (NRAI), said in an interview with Economic Times the association was not okay with Zomato and Swiggy engaging in private labelling and selling food directly via Bistro and Snacc, respectively.

NRAI, which represents five lakh restaurants across the country, had earlier cautioned its members over deep discounting and payment gateway tools offered by aggregator platforms for dine-in operations.

This is one of multiple fronts of tension between food delivery platforms and restaurant partners.

According to non-public documents prepared by the Competition Commission of India, Swiggy and Zomato reportedly violate competition law. The documents, according to a Reuters report, say that Zomato entered into “exclusivity contracts” with partners in return for lower commissions, while Swiggy promised business growth to certain players if they listed exclusively on its platform.

Just days ago, Swiggy launched a standalone app for food delivery under the brand Snacc, along with other quick food offerings like Bolt and Swiggy Cafe.

Life can often feel overwhelming, leaving us with a sense of uncertainty about our goals, our paths, and our potential. We all seek to take control of our lives, but the journey toward empowerment requires clarity, self-reflection, and actionable strategies. Fortunately, there are powerful books that can guide us through this process. These books provide valuable lessons on self-improvement, resilience, and living intentionally.

In this article, we explore five books that can empower you to take control of your life. With each one offering practical advice and wisdom, they will help you unlock your full potential and guide you toward a life that aligns with your goals and values.

4 Books to read to take control of your life

1. The Four Agreements by Don Miguel Ruiz

The Four Agreements is a spiritual guidebook that provides wisdom based on ancient Toltec teachings. It outlines four key principles for living a life of personal freedom and happiness: Be impeccable with your word, don’t take anything personally, don’t make assumptions, and always do your best.

Why it matters

This book is a powerful tool for freeing yourself from limiting beliefs and toxic behaviours. By practising the four agreements, you can transform your thoughts, relationships, and overall quality of life. Ruiz’s teachings provide clarity on how to break free from the expectations and judgments of others, ultimately helping you reclaim control over your own happiness.

2. Mindset: The New Psychology of Success by Carol S. Dweck

In Mindset, psychologist Carol Dweck explores the concept of fixed vs. growth mindsets. She reveals how your beliefs about your abilities can significantly impact your success, relationships, and overall potential. Dweck’s research shows that those who embrace challenges and see failure as an opportunity to grow are more likely to achieve their goals.

Why it matters

This book is essential for anyone looking to break through self-imposed limitations. By adopting a growth mindset, you can overcome obstacles, embrace learning, and tap into your limitless potential. Mindset challenges you to view challenges as opportunities for growth, rather than threats, allowing you to take control of your journey to success.

3. Grit: The Power of Passion and Perseverance by Angela Duckworth

In Grit, Angela Duckworth delves into the importance of passion and perseverance in achieving long-term goals. She argues that talent alone is not enough to succeed; it’s the combination of passion and sustained effort that leads to extraordinary outcomes.

Why it matters

Grit shows you how persistence in the face of adversity is the key to long-lasting success. By cultivating grit, you can push through challenges, stay focused on your goals, and achieve what you once thought impossible. Duckworth’s insights encourage you to trust in your ability to persevere and find motivation even during the most difficult times.

4. Big Magic: Creative Living Beyond Fear by Elizabeth Gilbert

Big Magic by Elizabeth Gilbert is a celebration of creativity and living a life free from fear. The book encourages readers to embrace curiosity, take risks, and let go of self-doubt. Gilbert’s personal anecdotes and insights provide a roadmap for creative individuals looking to live more fulfilling and authentic lives.

Why it matters

For those seeking to unleash their creativity, this book is a powerful reminder that fear should not hold you back from pursuing your passions. Big Magic shows how embracing creativity can lead to a more vibrant and meaningful life. It’s a must-read for anyone ready to break free from the constraints of self-doubt and start living creatively and authentically.

5. Dare to Lead by Brené Brown

In Dare to Lead, Brené Brown explores the concept of leadership through vulnerability, courage, and empathy. The book focuses on the importance of leading with authenticity and building strong, supportive teams in both professional and personal settings.

Why it matters

Leadership is not just about authority but about connection and trust. Brown’s book is a guide for anyone wanting to lead with integrity and compassion. By embracing vulnerability and understanding the role of emotions in leadership, Dare to Lead offers invaluable insights for those who wish to empower others while taking control of their actions. It’s particularly useful for those in leadership positions or anyone striving to make an impact in their community.

Conclusion

The books listed above offer powerful insights and practical strategies to help you take control of your life and unlock your true potential. Whether through cultivating grit, embracing creativity, or changing your mindset, each of these books provides actionable advice that will empower you to take charge of your journey. By reading these transformative works and applying their lessons, you will be better equipped to overcome obstacles, achieve your goals, and live a life of purpose and fulfilment.