Ensure smooth flow of credit to needy MSMEs: Anurag Thakur
Mumbai, Nov 13 (KNN) The Minister of State for Finance and Corporate Affairs Anurag Thakur has asked banks to ensure smooth flow of credit to the needy Micro, Small and Medium Enterprises (MSMEs).
While speaking at the 101st foundation day celebrations of the state-run Union Bank of India on Monday evening, Thakur said, "Banks should also focus on genuine customers who are running sort of financial support to grow their businesses.''
He also said that we have adopted the four R approach to resolve the balance sheet issues of banks: recognising, resolving and recovering, recapitalising and reforms due to which the bad loans have come down from Rs 10.36 lakh crore in March 2018 to Rs 9.38 lakh crore in March 2019 system-wide, while for public sector banks, the same has come down to Rs 7.9 lakh crore from Rs 8.96 lakh crore.
While the bank launching three new products—Union Sampurna—a technology to provide one-stop solution for farm sector; e-way bills and an ATM geo-locator, the Managing Director Rajkiran Rai G said, through the hundred years journey, the bank has been serving national priorities.