Business

Continue reaching out and lending to MSMEs, other businesses: FM to PSBs

Continue reaching out and lending to MSMEs, other businesses: FM to PSBs
Nirmala Sitharaman
New Delhi, Jun 9 (IANS) | Publish Date: 6/9/2020 1:22:21 PM IST

 Finance Minister Nirmala Sitharaman on Tuesday held a review meeting with the Managing Directors of public sector banks (PSB) and asked them to continue reaching out and lending to MSMEs under the collateral-free Emergency Credit Line Guarantee Scheme.

In the video conference, she also directed the state-run lenders to try meeting the credit requirements of other businesses.

In a tweet, the Department of Financial Services said: “FM’s review: PSBs to continue focus on sanction & reaching out to eligible MSMEs. To also target meeting credit needs of other businesses. #PSBsForAatmanirbharBharat @PMOIndia @FinMinIndia.”

The directive comes a day after the Finance Minister, while addressing the FICCI National Executive Committee members, clarified that the Covid Emergency Credit Facility announced as part of the Aatma Nirbhar Bharat package covers all companies and not just MSMEs.

She also complimented the banks on their swift response to the demand for the collateral free loan and sanctioning Rs 20,000 crore under the Emergency Credit Line Guarantee Scheme.

Sitharaman also advised the banks to maintain proactive outreach at branch level and keep the forms for ECLGS simple and formalities at minimum, said another tweet by DFS.

The scheme is part of the Aatma Nirbhar Bharat economic package. As per the government, banks would provide collateral-free loans to the eligible MSMEs loans upto Rs 3 lakh crore in total in a bid to overcome the financial crisis caused due to the coronavirus pandemic and nationwide lockdown.

Launched on December 3,1990. Nagaland Post is the first and highest circulated newspaper of Nagaland state. Nagaland Post is also the first newspaper in Nagaland to be published in multi-colour.

Desk:+91-3862-248 489, e-mail: npdesk@gmail.com Fax: +91-3862-248 500
Advt.:+91-3862-248 267, e-mail:npostadvt@gmail.com

QUICK LINKS

SUNDAY POST

Join us on

© Nagaland Post 2018. All Rights are Reserved
Designed by : 4C Plus