Steps are taken to double the loan amount under Mudra in the current year: MoSMSME

Salem, June 1 (KNN) Loans to the tune of Rs 1.44 lakh crore were provided by the Micro Units Development and Refinance Agency Bank (MUDRA) to borrowers and steps are taken to double the loan amount in the current year, Minister of State for Micro, Small and Medium Enterprises, Haribhai Parthibhai Chaudhary has said.

He said this on Wednesday while talking to media persons after inaugurating new facilities at the Steel Cluster Services Salem Private Limited.

He said MSMEs have developed significantly in the last three-year BJP rule.

He added that the Centre has ordered MUDRA banks to give priority to SC/ST and women entrepreneurs while lending.

The Minister said that all the respective departments in the States were allotted necessary funds without discrimination and said that after demonetization, deposits in the banks have increased.

“Now banks approach customers at their doorsteps to provide loan,” he added.

Chaudhary also said that 93% of the industries in the country are MSMEs. With the finance and technology assistance provided by the Centre, the products that were earlier imported are now being manufactured in the country.

Priority is being given to youth and women for starting new units and they can obtain loan up to Rs 10 lakh without security from MUDRA banks, added the Minister.