Bengal govt asks banks to adopt uniform rules for MSME credit cards

The West Bengal Government wants banks to adopt uniform terms and conditions for credit cards issued to micro, small and medium enterprises (MSMEs).

“Currently, different banks have different format, rules and conditions for MSME credit cards. We want to bring uniformity from application to credit disbursement for such cards issued in the state by all banks,” the State MSME Minister, Mr Manas Bhuniya, said on the sidelines of a FICCI-organised seminar on MSMEs.

“We have already begun talks with banks at the state-level bankers’ committee, as well as the Reserve Bank. Bankers in the state assured that it would be done after procedural issues are settled,” he said.

The State MSME Secretary, Mr A.K. Chanda, said Bengal has asked the banks to offer SMEs credit cards as soon as they begin production, as opposed to the present disposition limiting the grant of cards to companies that have been in business for three years.

“Start-up SMEs require funds at the early stage, but banks were offering credit cards after three years in the business. We have asked them to rectify this and banks have assured to do so,” he said.

Meanwhile, the State Government has drafted a new textile policy that will be circulated among concerned stakeholders for comments, following which it will be placed for approval before the core committee set up by the West Bengal Government to promote industry. The state Cabinet will take the final call on the policy.

“A draft for textile policy is ready and it will be circulated among stakeholders’ committee before it goes to the core committee and then to Cabinet. I think by December, the policy will be unveiled for implementation,” Mr Chanda said.

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