MSME delegation meet ADC over issues related to bank loans

Ludhiana, Jun 12 (KNN) Micro, Small and Medium Enterprises (MSME) has met Additional Deputy Commissioner (ADC) (development) Amrit Singh to discuss the issues related to the banking sector.

A delegation of Chamber of Industrial and Commercial Undertakings (CICU) on Thursday, raised the issues such as delay in releasing Micro Units Development and Refinance Agency Ltd (MUDRA) loans to MSME, the lackadaisical approach of banks in sanctioning an additional 20% limits as advised by the government, failure of banks in releasing collateral-free loans to the MSME sector among others.

“The industry is moving through a tough phase and these issues related to banks are increasing problems for us. We have also demanded that the banks should charge a minimum rate of interest at this time of crisis,'' said CICU president, Upkar Singh Ahuja and general secretary, Pankaj Sharma. 

''The ADC has assured that our grievances would be resolved and a MUDRA camp would also be organised in the CICU office soon,” he added.

Representatives of different banks including State Bank of India, National Bank, Bank of Baroda among others, were also present in the meeting.