India: Mamata Launches Micro Business Credit Card to Boost MSMEs

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Feb 2015
India, February, 11 2015 - With the launch of the card, the small and medium entrepreneurs would be able to avail of cash credit or loan up to Rs 5 lakh for their business activities, even without collateral security.

West Bengal Chief Minister Mamata Banerjee today launched a Micro Business Credit Card, which will give a boost to MSME sector in the state. At a programme here at the state secretariat, Banerjee said the Micro Business Credit Card, the first of its kind in India, would facilitate small and medium business entrepreneurs in the state.

"We must concentrate on small things. Small grows into big. We must take care of the small. No one becomes a big industrialist in a day," Banerjee said. "Business credit cards are being given so that even farmers can start businesses," she said.

With the launch of the card, the small and medium entrepreneurs would be able to avail of cash credit or loan up to Rs 5 lakh for their business activities, even without collateral security. The chief minister thanked the authorities of the State Bank of India for extending support to the state government in this venture. Giving the details, she said that a fund of Rs 200 crore had been created for the purpose and a simplified clearance process chalked out. "We will start facilitation and clearance centres in Bardhaman, Durgapur, Asansol and other places to expedite the clearance process," she said.

Banerjee further said that under the scheme there would be no requirement of guarantee up to Rs 5 lakh. "We have given Kisan Credit Cards to 65 lakh people in three years. Nearly 3.2 crore people out of 9 crore in the state get rice at Rs 2 per kilogram. It is my duty to help the people to progress." she added.

SBI Chief General Manager Prashant Kumar said the scheme had been taken up by them as a pilot project and added "on its success we will introduce it in other states. We thank the state government for taking such an initiative." State Finance Minister Amit Mitra and the Panchayat and Rural Development Minister Subrata Mukherjee were present on the occasion.



 

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