In a bid to promote the MSME (micro, small & medium enterprises), West Bengal Chief Minister Mamata Banerjee has asked the cooperative banks to escalate the funding assistance to the sector.
She directed the cooperative banks to look for ways to increase lending to the MSME sector.
She believes that in the recent times the working capital for MSMEs has depleted and it has become very challenging for the sector to avail bank credits.
“Bank credit has to go up. I urge the State cooperative banks to see if they can explore credit options for MSMEs,” Banerjee said.
As per the official figures, nearly bank credit worth Rs 1.74 lakh crore has already been extended to the sector over the last seven years. State owned cooperative banks providing loans through Kisan Credit Cards, could explore similar options for MSMEs.
As of now, West Bengal has 53 lakh MSME units, with a workforce of about 1.1 crore. Nearly 28,000 new MSMEs are set up every year in the State.
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