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Lending norms need remodeling: Eatala Rajender
Telangana finance minister Eatala Rajender has advised banks to set up a separate department for MSMEs and other social sectors.
Hyderabad: Telangana finance minister Eatala Rajender has advised banks to set up a separate department for MSMEs and other social sectors. The minister further felt the need of remodeling the norms on lending. Middle class and other lower income groups account for major chunk of bank deposits. Hence, it’s the banks’ responsibility to provide educational loans to students, the minister suggested.
- Advises banks to explore ways to enhance result oriented funding to MSMEs
Eatala was speaking at a bankers’ conclave on ‘Financial opportunities for MSME sector,’ organized by The Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry (FTAPCCI) here on Friday.
“Banks should ensure that team officers are available for animal husbandry, agriculture and various other industries. I request banks to research on various aspects and allot sufficient finance for small and medium industries.
Banks should track the performance of MSMEs. I feel there’s a need to remodel present norms to find out lapses in the system. Most of the money credited in the banks belongs to either middle class or lower-income groups and it is the responsibility of the banks to give finance to such people.
He also recommended banks to provide educational loans to students,” said Etela. SA Sharma, GM (Zonal Office), Syndicate Bank, Manimaran, Dy GM (MSME), SBI Local Head Office, FTAPCCI president Gowra Srinivas, indirect taxes committee chairman JS Karunendra, Senior V-P Arun Luharuka, banking committee chairman Prem Chand Kankaria and other representatives from the industry participated in the bankers’ conclave.
Gowra Srinivas said that the objective of the conclave was to make aware of various financial schemes and facilitate MSMEs to channelize finance for business growth and expansion. “It would also provide a platform for MSMEs to have one to one discussion and finalize the proposals with the banks and financial institutions,” he said.
Sharma said for the last three years, the bank was concentrating exclusively on MSME sector and are making the targets set out by the Centre. Sri Manimaran said that the environment must be ideal the development of MSMEs. The Centre is coming up with many schemes for MSMEs.
