News Details- (Get Professional Updates on Whatsapp, Msg on
8285393786) More
News
FM asks PSU banks to focus on MSME outreach
PrintFinance minister Nirmala Sitharaman on Tuesday asked public sector banks to make proactive outreach to the micro, small and medium enterprises (MSMEs) and ensure supply of credit to them.
Sitharaman asked banks to cut down on paperwork and keep the formalities simple for the sector, the Department of Financial Services tweeted.
The minister on Tuesday reviewed the performance of the recently launched ₹3 lakh crore Emergency Credit Line Guarantee Scheme for MSMEs via videoconference.
Banks will continue to focus on sanction of loans and reach out to eligible MSMEs, the department said. It will also “target meeting credit needs of other businesses”, it tweeted.
As per official data, public sector lenders have sanctioned loans of Rs 1,109 crore as of June 8 to 17 MSME hubs in 12 states under the credit guarantee scheme. These include ₹183 crore to 2,430 accounts in the Surat hub and ₹165 crore to 2,126 accounts in the Coimbatore hub.
They have disbursed ₹599.12 crore of this to 17,094 accounts, including Rs 143 crore to 1,758 accounts in the Coimbatore hub and ₹97 crore to 760 accounts in the Tirupur hub.
Public sector banks have sanctioned loans worth ₹17,705.64 crore at a concessional rate of 9.25% from June 1, the minister had said on Monday.
On May 13, Sitharaman announced the ₹3 lakh crore, 100% government-backed scheme for MSMEs as part of the Atmanirbhar Bharat package.
The scheme was approved by the Cabinet on May 21. Under it, the National Credit Guarantee Trustee Company provides 100% guarantee for total additional funding of ₹3 lakh crore to eligible MSMEs.
The government has allocated ₹41,600 crore for the current year and next three financial years to provide the guarantee. #casansaar (Source - Economic Times)
Sitharaman asked banks to cut down on paperwork and keep the formalities simple for the sector, the Department of Financial Services tweeted.
The minister on Tuesday reviewed the performance of the recently launched ₹3 lakh crore Emergency Credit Line Guarantee Scheme for MSMEs via videoconference.
Banks will continue to focus on sanction of loans and reach out to eligible MSMEs, the department said. It will also “target meeting credit needs of other businesses”, it tweeted.
As per official data, public sector lenders have sanctioned loans of Rs 1,109 crore as of June 8 to 17 MSME hubs in 12 states under the credit guarantee scheme. These include ₹183 crore to 2,430 accounts in the Surat hub and ₹165 crore to 2,126 accounts in the Coimbatore hub.
They have disbursed ₹599.12 crore of this to 17,094 accounts, including Rs 143 crore to 1,758 accounts in the Coimbatore hub and ₹97 crore to 760 accounts in the Tirupur hub.
Public sector banks have sanctioned loans worth ₹17,705.64 crore at a concessional rate of 9.25% from June 1, the minister had said on Monday.
On May 13, Sitharaman announced the ₹3 lakh crore, 100% government-backed scheme for MSMEs as part of the Atmanirbhar Bharat package.
The scheme was approved by the Cabinet on May 21. Under it, the National Credit Guarantee Trustee Company provides 100% guarantee for total additional funding of ₹3 lakh crore to eligible MSMEs.
The government has allocated ₹41,600 crore for the current year and next three financial years to provide the guarantee. #casansaar (Source - Economic Times)
Category : MSME | Comments : 0 | Hits : 506
Get Free Daily Updates Via e-Mail on Income Tax, Service tax, Excise and Corporate law
Search News
News By Categories More Categories
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
Comments