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Canara Bank has launched ‘Çanara MSME Facilitation Centre’ to bring the small and micro units within formal banking fold.
The facilitation centre at Coimbatore is among the five rolled out by the bank on a pilot basis. The others are located at Indore, Kolkata, Ludhiana and Pune, U. Ramesh Kumar, General Manager, Canara Bank (Circle Office) in Coimbatore, said.
Speaking on the sidelines of this launch, he told Business Line that those units dealing with other banks could also seek guidance from this centre. The centre would help the MSME units, which are today in the clutches of private money lenders, to come under formal banking stream.
Á majority of MSMEs depend on the informal sector for their finance needs either because they do not maintain proper books of accounts/records or have no project report. This facilitation centre would handhold, support and provide assistance to such units and potential entrepreneurs during the initial stages of development, he said.
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