Money & Banking

Banks to face action if loans to MSMEs are delayed: Anurag Thakur

Our Bureau Kolkata | Updated on June 05, 2020

Minister fo State for Finance Anurag Thakur   -  The Hindu

The Centre on Friday assured MSME entrepreneurs of “corrective action” if banks delayed or created unwarranted hurdles towards disbursal of the ₹3,00,000-crore loans allocated to them as a part of fiscal stimulus and coronavirus relief package.

According to Anurag Thakur, Union Minister of State for Finance and Corporate Affairs, banks would face consequences if they create unwanted hurdles or delays in disbursals.

He pointed out that it was brought to the Ministry’s notice that a few bank officials at the branch level were creating problems in loan disbursals. This led to strong corrective action being taken against those officials.

“This money is meant for entrepreneurs and (it) should reach them. If you (MSMEs) are facing any such delay, please write to us and corrective actions will be taken and the loan will be disbursed,” Thakur said while responding to a question from an attendee during a webinar organised by the Merchants Chamber of Committee and Industry.

The loans are a part of the Centre’s announced fiscal stimulus package and is expected to boost liquidity for the MSMEs.

Published on June 05, 2020

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