Jaitley launches MSME databank, finance facilitation centres

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Saurabh Gupta | 12 Aug, 2016
Union Minister of Finance & Corporate Affairs, Arun Jaitley launched two important initiatives of the Ministry of MSME, viz. MSME Databank Portal and Online Finance Facilitation Web Portal on the sidelines of 14th Meeting of the National Board of MSME at Vigyan Bhawan, on Thursday.

Union Minister for MSME, Kalraj Mishra; Giriraj Singh and Shri Haribhai Parthibhai Chaudhary, Minister of State for MSME were present on the occasion.

Mishra speaking on the occasion said that the Ministry of MSME is making online Census of the MSMEs in the country for the first time by launching a comprehensive databank on http://www.msmedatabank.in This will not only save the efforts and money required for physical Census but will also enable the MSME units and the various Associations to furnish data on click of the button and sitting in their units. The MIS dashboard of the databank will provide real time information on various types of the MSMEs registered on the databank. The databank will eventually will be used for public procurement purposes and the PSUs will make use of the data for procuring from MSMEs. MSME Development (Furnishing of Information) Rules, 2016 have also been notified making it compulsory for MSMEs to give the required information.

Mishra also stated that the objective of the databank is to have one-stop source of information of MSMEs of India, including their credit and technology, requirement in terms of raw material and marketing, etc. A decision has also been taken that no grant or subsidy will be given to any MSMEs unless the data is captured on the MSME Databank.

The NSIC, which provides suitable credit support to the various MSME units for purchase of raw material, has started an online Finance Facilitation Centre on http://www.nsicffconline.in To start with, the Finance Facilitation Centres will become operational at Jalandhar, Peenya, Ludhiana, Guwahati, Lucknow and Delhi from today onwards. The portal will allow the MSMEs to apply for loans from the various banks on the NSIC portal itself. NSIC has also signed MoUs with 33 banks, 14 of whom have agreed to associate with online Finance Facilitation Web Portal.

Arun Jaitley, Union Finance Minister appreciated the efforts of MSME Minister in taking various initiatives towards ease of doing business. He also appreciated that the main scheme of the Ministry, namely, Prime Ministers Employment Guarantee Programme has also been brought online.

He also congratulated Kalraj Mishraji on early implementation of National SC/ST Hub, which was announced in the Union Budget.

Jaitley stated that the Government of the day is committed to Ease of Doing Business and passing of GST will also be a step towards this direction. He also stated that all financial support will be provided to MSMEs to improve their competency in various fields. He welcomed the suggestions of MSME fraternity on the issue.