Banks in TN planning to provide loans to plastic ban affected units to switch to other businesses

New Delhi, Jan 5 (KNN) Banks in Tamil Nadu are planning to provide loans to plastic ban affected units in the state in order to help them switch over to other businesses.

The Indian Bank has spearheaded the initiative by making an all-out effort to reach out to affected units and provide them loans to switch over to other businesses.

Tamil Nadu, on January 1, 2019, became the fourth state in India to implement a plastic ban on single-use plastics.

In this regard, bank has organized a special support and outreach programme for micro, small and medium enterprises in Tiruvallur, a hub for plastic units.

Managing Director & CEO of Cheenai based Indian Bank, Padmaja Chunduru said the initiative was being conducted to support the Tamil Nadu government’s initiative to ban single-use plastic products.

“We are planning to reach out to affected plastic units and provide them loans to switch easily to other businesses.”

She also urged the units to register with the Goods and Service Tax (GSTA) regime and file IT return on time to be better eligible for loans.

“MSMEs should work on their projections properly and keep necessary documents ready to ensure easy disposal of loan applications via the online portal,” she said.