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2013-02-08

Banks to augment credit for Assam SMEs, govt to review land policy: Subbarao

To develop small and medium enterprises in Assam, commercial banks have decided to augment credit to the sector by 50 per cent while the state government has agreed to review its land policy, Reserve Bank Governor D Subbarao told mediapersons on Thursday

To develop small and medium enterprises in Assam, commercial banks have decided to augment credit to the sector by 50 per cent while the state government has agreed to review its land policy, Reserve Bank Governor D Subbarao told mediapersons on Thursday after RBI's central board meeting in Guwahati.

He said that the request for credit enhancement was made by Chief Minister Tarun Gogoi during the State Level Bankers Committee (SLBC) meeting yesterday.

Subbarao added, "After the discussion, banks have agreed to raise the amount of credit flowing to the SME sector by 50 per cent. In the current year, the credit going to the SME sector in Assam is expected to be in the order of Rs 2,500 crore. Next year, they (banks) will raise it to Rs 3,800 crore."

Over the state’s land policy, Subbarao stated that the Assam government has decided to review its land policy to facilitate greater flow of credit for SME sector.

One of the problems pointed out by banks for the low credit flow to the SME sector is due to the policy regarding land conversion from agricultural to non-agricultural in Assam, said the RBI Governor.

"The Chief Minister has agreed to review the policy in order to make sure that small industry sector is not handicapped in getting credit because of the complexity or problems involved in converting from land from agricultural to non-agricultural category," he told to the media.

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