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Banks should support MSMEs through govt schemes: SP Velumani

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In a meeting with bankers and industrial associations’ heads, held on June 19, SP Velumani, Minister for Municipal Administration, Government of Tamil Nadu urged banks to support Micro, Small and Medium-scale Enterprises (MSMEs) with funds.

The Minister said, the banks should ensure that the MSMEs benefit from the Emergency Credit Line Guarantee Scheme. Improvising the industries only can lead to the creation of more job opportunities.

As per a release, a sum of Rs 554 crore has been given by the banks to over 8,000 MSMEs under the scheme. Also, the District Industries Centre supported more than 350 MSMEs in the district with Rs 12 crore government subsidy in the previous financial year. Self Help Groups (SHGs), as of yet, received Rs 23 crore comprising of Rs 13 crore as a COVID loan and Rs 10 crore as a regular loan.

Also Read: Subsidy for MSMEs to help deploy cloud computing

The MSMEs can approach the Lead Bank in case they face any issues. Moreover, the Centre is also putting efforts to upscale the dairy and farming sector.

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