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Central Finance Minister: Banks must not refuse loans for small/micro-entrepreneurs!

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Posted on : 01/Aug/2020 11:17:26



 
 
 
The Central Government Finance Minister Nirmala Seetharaman has emphasized that the banks must refuse the loan applications submitted by mini/micro/small/medium entrepreneurs.

Due to prevalent lockdown imposition as a preventive action imposed by both the central and state governments,  the industrial sector of mini/micro/small/medium enterprises have encountered severe hardship in running their organizations. Subsequently, with a view to helping them to reverse the situation and help their growth, the central government had announced that a loan of up to Rs. 3 Lakhs Crores will be offered t them without any mortgage.

In this situation, the management meeting of the Confederation of Indian Industries was conducted in Delhi yesterday (Friday, 31st July). The Central Financed Minister Nirmala Seetharaman participated in this meeting and informed that the central government implemented the emergency financial assistance offer exclusively for the mini/micro/small/medium industries. And the banks MUST NOT REFUSE loans applied by them.

The Central Finance Minister further informed that in case the banks refuse the loan applications, complaints can be made to the Central Finance Ministry, and the Finance Minister herself, in her capacity, will undertake the required initiatives to solve the related issues and enable the release of loans.

Meanwhile, the Central Finance Minister further shared that the central government is well aware of the severe hardships encountered by several sectors of industry including the tourism industry. Moreover, the central government has been conducting regular discussions with the Reserve Bank of India regarding the loans obtained from the banks by the above industry sector and the extension of time to pay the Equated Monthly Installments (EMI`s) and also streamlining the loans taken, etc.
 
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