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To facilitate easier finance to small and medium enterprises (SMEs), the Confederation of Indian Industry (CII) has set up an online credit support centre.
The 'Online Finance Facilitation Centre for SMEs', launched by MSME Minister Kalraj Mishra on Monday, will also enter into memoranda of understanding with eight banks. These are Indian Bank, Indian Overseas Bank, Federal Bank, Muthoot Fincorp Ltd, Religare Finvest, DCB Bank, EXIM Bank and State Bank of Travancore, a CII release said.
The centre proposes to provide advisory and credit facilitation support to SMEs and will operate as a one-stop-shop, aggregating financing options from various major financial institutions.
The CII move is in line with the Madhav Lal-headed inter-ministerial panel set up by the erstwhile UPA Government that had recommended that ministries and departments may consider engaging industry associations to serve as a single window for hand-holding MSMEs and help in pursuing banks to increase credit flow into the sector.
“SME members across India can easily approach this centre through an online interface for their credit requirement and the centre will facilitate the SMEs with documentation and preparation of bankable project proposals,” CII said.
Chandrajit Banerjee, Director-General, CII, said that the centre would also offer facilities such as online training on finance management for SMEs, information about Government schemes for the sector and access to exports and peer-to-peer networking.
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