SME Times is powered by   
Search News
Just in:   • Sensex ends 140 pts higher, VIX at 4 yr high  • Huawei's laptop removed from Microsoft store  • Brace for massive volatility on judgement day: Analysts  • 'Fairly robust' economic agenda awaits new Govt: N K Singh  • Naidu calls for equitable, people-centred sustainable development 
Last updated: 06 Dec, 2018  

Rupee.9.New.Thmb.jpg Bank official not accessible to exporters, MSMEs: Gupta

Rupee.9.New.jpg
   Top Stories
» 'Fairly robust' economic agenda awaits new Govt: N K Singh
» Naidu calls for equitable, people-centred sustainable development
» 'India $80 bn in ten years due to natural disasters'
» Falling household savings challenge to new government: Experts
» Reduce interest rate, corporate tax, free up agriculture: Economist
SME Times News Bureau | 06 Dec, 2018

Exporters association FIEO on Thursday urged the government to resolve the bank credit issue so as to enable the sector help achieve double digit growth.

PSU Banks officials including MDs, EDs, GMs, AGMs are not accessible to exporters particularly from the MSME sector. This has tightened the hands of these exporters to take orders, said FIEO President Ganesh Kumar Gupta.

Commerce Minister, Mr Suresh Prabhu, who is taking several steps to promote exports would not fructify if banks would not lend to exporters smoothly and at affordable rates, he added.

These banks demand bundles of documents, collateral and other papers for considering our applications for smaller limit (Rs one to five crores) of loan. It takes months and months to get these limits approved and in the mean time we loose our orders, he further said.

Gupta said similar is the problem with the ECGC, which is very reluctant to extend insurance cover. They reject claims on very flimsy grounds. 

I would urge the Commerce Minister to look at the matter on an urgent basis. If banks and ECGC continue to behave like this, we would not be able to register double digit growth rate in exports, the FIEO official said.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 23 May, 2019
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Yes
 No
 Can't say
  Commented Stories
» The Silk Road - A journey through history(1)
» Kokuyo Camlin to focus on notebook segment(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter