MSME minister urges banks to provide credit to small entrepreneurs

New Delhi: Union minister Giriraj Singh on Tuesday urged banks to set their priorities in line with the policies and financial guarantees of the government and provide loans to youth and small entrepreneurs.

Addressing a conference here, the Micro Small and Medium Enterprises (MSME) Minister stressed on the need for financial inclusion of small entrepreneurs, without whom the country cannot develop.

While appreciating the banking sectors concerns about the Non-Performing Assets and bad debts, he pointed out that where there is need based financing from the banks the recoveries have been more than 99 per cent.

The MSME minister said the government is keen to bring SC/ST entrepreneurs at par with their counterparts in the industry, dedicating financial schemes exclusively for them.

Talking about the 12 initiatives of the government for the MSME sector last year, Singh urged MSMEs to take full advantage of the 59 Minute Loan Sanction portal.

He said the resources are limited but the government during the last four years has done a lot for the development of MSME sector. PTI Secretary MSME Arun Kumar Panda, said timely availability of low cost capital, technology upgradation to make MSMEs competitive, market accessibility and skilled man-power are the core components for the development of the MSME sector.