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2012-09-12

Govt picks 4 banks to extend MSME credit

The government has identified four banks namely, Dena Banks, Oriental Bank of Commerce, Corporation Bank an Indian Bank for a special campaign to extend credit to MSMEs. The finance ministry has associated with SIDBI for this campaign to promote entrepren

The government has identified four banks namely, Dena Banks, Oriental Bank of Commerce, Corporation Bank an Indian Bank for a special campaign to extend credit to MSMEs. The finance ministry has associated with SIDBI for this campaign to promote entrepreneurship.

"This is just a starting point. There should be 110 specialized branches across the country," said Sunil Soni, additional secretary, the department of financial services, the government of India, told reporters in Mumbai.  He was inaugurating a portal called smallB.in, by SIDBI to promote youth enterprises.

"We are going to start this on an experimental basis. Going forward every bank will follow it. However, we have not set any target for individual banks. We are now making financing available for MSMEs. We have already created the enabling environment. If we can create 10,000 such entrepreneurs every year, it will be a huge achievement for the country," he added.

The identified banks will provide MSME loans faster to let young businesses grow faster.

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