Banks directed to streamline MSME loans

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Bhubaneswar: In a review meeting on the progress of Micro, Small and Medium Enterprises (MSME) here on Thursday, the State Level Bankers’ Committee (SLBC) has directed member banks to ensure faster delivery of loans in the next few days of the current fiscal.

Odisha MSME minister Jogendra Behera said, “The State had plans to provide loans to 3,000 persons under Prime Minister Employment Generation Programme (PMEGP) in the financial year 2016-17. However, banks have so far sanctioned only 1,100 PMEGP loans out of which, loans have been disbursed for just 100 interested applicants.

“So, we have directed the banks to disburse loans to at least all the proposals that have been sanctioned at the earliest,” Behera added.

“Under Mudra Loan Scheme, Rs 6,501 crore help has been approved for MSME to give out loans to more than 22 lakh proposals.  Similarly, Credit Guarantee Fund Trust For Micro and Small Enterprises (CGTMSE) is having Rs 775 crore for 18,600 cases to meet the demands of MSME applicants,” said Principal Secretary, MSME, ,.

A total of 157 independent branches of banks have been opened across the state to give out loans under the MSME. Meanwhile, the authorities have also directed the banks who are operating in the state and yet to open their branches before April 1.

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