Tamil Nadu CM Stalin urges bankers to extend credit to MSMEs

The Chief Minister of Tamil Nadu, M.K. Stalin, on Monday, requested the banks to extend credit to self-employed personnel, micro, small and medium enterprises (MSMEs) and education loan to students.

Addressing the State Level Bankers Meet held here, the Chief Minister said the Tamil Nadu government is implementing three self-employment schemes based on bank loans. He said out of 137,429 loan applications recommended by the state government only 35.67 per cent have been cleared and this number has to be increased.

Stalin also said the state government will set up a credit guarantee fund so as to enable the banks and other financial institutions to lend MSME units.  He also said the state government wants to uplift the MSME units affected by the Covid-19 pandemic and requested the bankers to support the sector. Urging the bankers to issue Kisan credit cards to 7.16 lakh farmers, the Chief Minister said till date 31.09 lakh credit cards have been issued. He also requested the lenders to process the 104 applications for loans from the food processing units.

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