FM advised banks to maintain proactive outreach and make loan forms and formalities simple

Nirmala Sitaraman

New Delhi: Finance Minister Nirmala Sitharaman has reviewed the functioning of Public Sector Banks with regard to loan sanctions for MSMEs and other companies under the Emergency Credit Line Guarantee Scheme. In a meeting held yesterday, with the head of the banks, she lauded their efforts for achieving sanctions of over 20 thousand crore rupees under the Atmanirbhar Package within a short span of time.

The Finance Minister advised bank officials to maintain proactive outreach at the branch level and make loan forms and formalities simple. Ms. Sitharaman exhorted all public sector banks to continue a focused approach to hand out loans to every eligible MSME. The Finance Minister reiterated that loans under the Credit Guarantee Scheme are meant for meeting the credit needs of all kinds of companies and are not only restricted to micro, small, or medium enterprises.