For Quick Alerts
For Daily Alerts

MSMEs Cannot Be Denied Credit Under Emergency Credit Scheme: FM


On Friday, Finance Minister Nirmala Sitharaman said banks cannot deny loan under the emergency credit scheme to MSMEs and any denial needs to be reported.

The total credit sanctioned as part of the scheme by both private and public sector banks as of July 23, 2020 stands at Rs. 1,30,491.79 crore, of which Rs 82,065.01 crore has already been disbursed.

MSMEs Cannot Be Denied Credit Under Emergency Credit Scheme: FM

"Banks cannot refuse credit to MSMEs covered under emergency credit facility. If refused, such instances must be reported. I will look into it," Sitharaman said at a closed-door event of industry chamber FICCI.

The government as part of the Aatmanirbhar Bharat Package announced a grant of Rs. 3 lakh crore collateral free loan for MSMEs.

Also there was said that for the hospitality sector which includes hotels, aviation will be considered for a one-time loan restricting scheme or extension of moratorium, for which RBI and finance ministry are working out a plan. "I fully understand the requirements of the hospitality sector on extension of the moratorium or restructuring. We are working with RBI on this," she said.

Read more about: msmes msme
Story first published: Saturday, August 1, 2020, 9:41 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more