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PSBs deter MSMEs growth in Jajpur

Post News Network
Updated: September 6th, 2019, 11:03 IST
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Jajpur: Even though both the Centre and the state are stressing the importance of MSMEs, public sector banks are not helping the MSMEs of Jajpur district while sanctioning loans, it is alleged. This is blocking the growth of MSMEs and affecting the creation of jobs in the district.

It is learnt that 45 proposals on small scale industries were sent to banks in August, but not even a single one was approved. The proposals were on making paper plates, fly ash bricks, aluminum utensils, tailoring, readymade garments and agarbattis (incense sticks).

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Notably, 38 proposals were sent to the bank in August and another seven proposals regarding sanction of loans were registered with banks. Following this, the Collector held a review meeting on credit, and expressed unhappiness regarding the attitude of banks in deciding applications for loans.

The Collector instructed bank General Managers and probationary officers to visit banks and collect information on this.

MSMEs act as engines of growth and contribute to employment generation, exports, production and help in meeting the requirements of medium and large scale industries.

But in an industrial district like Jajpur no importance is being given to MSMEs, said loan applicants. Limited capital and knowledge, non-availability of suitable technology, low productivity, inefficient marketing strategy and unavailability of skilled labour are always a problem for MSMEs.

The refusal of banks to sanction loans and their high rates of interest has increased the problems of MSMEs in the district.

The contribution of MSMEs to the GDP is 8 per cent. In the manufacturing sector it is 45 per cent and in exports it is 40 per cent. Some entrepreneurs said that MSMEs will grow if the department ensures 10 per cent procurement of MSME products and facilitates credit from banks. The RBI has fixed specific targets for banks for lending to MSMEs as part of priority sector lending norms to channelise credit to MSMEs.

In April 2015, the RBI mandated banks to set apart seven per cent of their annual total lending to micro enterprises. This was a watershed moment as far as the MSME segment is concerned and is likely to go a long way to resolve the finance problem faced by MSMEs. But banks in Jajpur district are not obeying these rules and regulations of the RBI.

The entrepreneurs said that banks are giving excuses like unnecessary paper work and demanding collateral proof before sanctioning loans.

PNN

 

Tags: JajpurMSMEsPublic sector banksRBIsmall scale industries
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