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State MSME dept directs banks to fast-track loan for salaries

State MSME dept directs banks to fast-track loan for salaries
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Kolkata: In a much-needed relief, the state MSME department has asked banks to fast-track disbursement of loans to the employers seeking it for payment of salaries to the employees.

The move comes after some employers expressed their difficulty in payment of wages to its employees due to the lockdown.

"We want to ensure that employees' salary if pending is paid in quick time. The MSME units which are situated out of containment zones have started opening up gradually maintaining social distancing norms and carrying out work with one-third of its total strength," said a senior official of MSME department.

Reserve Bank of India has already said that a 3-month moratorium should be given to all unless a borrower informs the bank or NBFC that he/she is not interested in availing the facility. "We have asked the SLBC to follow the directions of RBI strictly in this regard," he added.

State Finance minister Amit Mitra who is also the minister for MSME held a special meeting with State Level Bankers' Committee (SLBC) on May 5 through video conference to ensure enhanced credit

lending to the priority sectors that have been affected due to the

lockdown in the wake of COVID-19 outbreak.

The department has asked the banks to provide a loan as per requirement in a focused manner to 300 out of 550

clusters involving the concerned district information officer or the officer in charge of the industrial park so that they can function without any

difficulty.

"The banks have a big role to play in providing loans to MSME units in easy instalments during this emergent situation so that they continue to prosper," the official

added.

The department has asked the banks to stress on providing loans to the artisans and weavers who supply

handicrafts to the Biswa Bangla

outlets across the state.

"We want them to start work soon and we will be placing orders with them. Once they complete production we will then purchase it and keep them in our stock. This will ensure that they get paid soon after

their production," the official said.

The products in the stock will be sent to the outlets as and when required when the stores are opened after the lockdown is lifted.

SLBC has decided to fix the fresh loan disbursement target of Rs 90,000 crore for 2020-21 fiscal.

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