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RBI asks banks to give more loans to MSEs
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SME Times News Bureau | 01 Jul, 2010
The Reserve Bank of India (RBI) has asked banks to increase the credit flow to micro and small firms (MSEs) and target a 20 percent year-on-year growth in MSE credit as sought by a task force appointed by Prime Minister Manmohan Singh.
"Achieve a 20 percent year-on-year growth in credit to micro and small enterprises (MSEs)...," the RBI said in an advisory to banks in line with the recommendations of the Prime Minister's Task Force on Micro, Small and Medium Enterprises headed by T K A Nair.
The banks are to provide 60 percent credit to micro units out of the total loans extended to micro and small units by 2012-13, the RBI further said.
In addition, the RBI advised banks to open more MSE-focused branch offices in different clusters, which can also act as counselling centres for these units. Each lead bank of a district may adopt at least one such cluster, the central bank said.
Currently, MSMEs including Agriculture, share in national GDP is measured around 45 percent as in the last couple of years. The sector's share to national exports currently is estimated at around 38 percent and its present manufacturing contribution is around 40-42 percent.
As per to as per latest quick survey, more than 60 lakh units are spread over the country producing about 7500 items and providing employment to more than 600 lakh persons.
MSEs primarily rely on bank finance for a variety of purposes including purchase of land, building, plant and machinery as also for working capital, etc.
Credit flow to MSMEs had doubled from Rs.1,27,000 crore in 2006-07 to Rs.2,57,000 crore in 2008-09. In 2007-08, credit flow to the sector was Rs.2,13,000 crore. In September 2009 the total outstanding credit stood at Rs.3,23,565 crore and in February 2010 it further increased to Rs.3,69,866 crore.
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small business loan from bank to start a boutique.
Rupal Bhanushali | Fri Nov 19 08:41:22 2010
I am MBA & working as a Relationship manager in a company. I want to start my own business & want a business loan of Rs 3,50,000/-
Is there is any bank who provide loan to small scale business.If yes reply me on my email rupal.2806@gmail.com
small business loans from banks.
Bhairava Dutt Akhauri | Thu Sep 23 14:25:46 2010
Its very painful to say that most of the Public Sector Banks are not intrested in financing small business loans. They provide loans to only those people who are either having a good approach or are already having a lot of money with them.
Enterprenures like us who really need support from Banks come out from there empty handed.
I am running a small business since Jan.2009, having an account in State Bank Of India.I need a small business loan of Rs2,50,000/- only to expand my business but no bank is resdy to support me.
If any one whi reads this can tell me what to do to avail finance from a Bank.
If yes reply me on my email aditya_enterprises2009@rediffmail.com
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