NEWS & ADVICE : HOME LOANS
Banks sanction Rs 8,500-9,000 crore loans to MSMEs
By Joseph Samson
Apr 29, 2009
Print    Email    RSS   

As a part of the stimulus packages announced by the government, banks have disbursed loans worth Rs 8,500-9,000 crore to the micro, small and medium enterprises (MSMEs) in the past few months.

Secretary in the Ministry of MSME, Dinesh Rai said that out of Rs 7,000 crore refinance facility extended to Small Industries Development Bank of India (SIDBI), Rs 4,300 crore have already been released to the commercial banks.

As per the SIDBI requirement, banks had to double the amount released to them. As a result, "About Rs 8,500-9,000 crore has already been released by the banks to MSMEs," said Rai.

There have been different stimulus packages extended by the government to the industry. These packages have been designed especially for the export units, MSMEs and commercial vehicles in order to counter the impact of global economic slowdown.

Further Rai said that the government would continue to assist MSMEs that constitute to about 45% of India's total industrial production.

Meanwhile the ministry is about to finalize Rs 160-crore scheme to make the MSME sector IT enabled. "So we have almost finalized Rs 160-crore stimulus IT package for the MSMEs," said Rai.

MSME gives employment to 42 million people in the country.

 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Admissible deductions under Section 80C
Carnival of Indian Personal Finance Blogs #6
Home Equity Loan: A shoulder you can bank...
Complete Guide to the Home Loan Process in...
Home loan rates likely to remain stable


PINJORE: CaℒL Giℛℒs In PiNjOrE 09915787550...
PINJORE: CaℒL Giℛℒ In PiNjOrE 09915787550...
how to gate my home loan certificate

NEWS THIS WEEK
Canara Bank earned a profit of 60%. Feb 6, 2015
New Branch of Laxmi Vilas bank at Vijayawada Jan 30, 2015
Home loan EMIs expected to drop down Jan 21, 2015
Corporation Bank received MSME banking excellence award 2014 Jan 19, 2015
Home loan rates set to fall, after reduction in repo rate Jan 16, 2015
News Archive