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Central Finance Minister emphasizes banks to extend loans for small industries!
Posted on: 23/May/2020 11:48:31 AM
The Central Minister for Finance, Ms. Nirmala Seetharaman has emphasized the public sector banks to extend whole-hearted help to offer loans for the micro/mini/medium/small scale industries.
The finance minister insisted that this small scale industry must be offered financial assistance and observed that there should be no impediments whatever in extending these loans.
Under Prime Minister Narendra Modi’s Rs. 21 Lakh Crores allotted, priority has been accorded to the protection/functioning of the micro/mini/medium/small scale industries.
The Central Government has assumed a 100% guarantee for the extension of loans for the small scale industries at the rate of 9.25% interest. The Finance Minister organized a video conference regarding the review of the extension of loans to these industries.
During the conference, the Central Finance Minister ordered the banks to be prepared for extending the above loans especially because of most of the schemes under the recently announced Rs. 20 Lakhs Crores package is to be executed through the public sector banks only!
The Finance Minister has tweeted on her Twitter page that Rs. 6.68 Lakhs Crores has been extended as loans during the period from 1st March for 2 months during the lockdown period.
