CICU delegation met with Smt. Amrit Singh I.A.S to discuss the issues related to the Banking and immediate relief measures required by Industry Post-COVID.

News Punjab

Ludhiana , June 11 –  CICU delegation met with Smt. Amrit Singh I.A.S, Additional Deputy Commissioner (Development), Ludhiana to discuss the issues related to the Banking and immediate relief measures required by Industry Post-COVID.

1. Upkar Singh Ahuja, President & Sh. Pankaj Sharma, General Secretary, CICU highlighted the issues as follows:

• Few Banks are not allowing drawing power ongoing of 180 days for debtors, they are allowing only 90 days aging. Due to Lockdown, no collection was there. In the light of above Banks should allow 180 days for debtors till March 31, 2021.
• Mudra Loan to MSME should be released on the faster mode by arranging Camps jointly with Associations.
• Banks are not proactive in sanctioning additional 20% limits as advised by Govt. Leading Banks are requested to provide data: how many limits eligible verses detail of disbursement of additional limits.
• If sister concern of a unit is a defaulter, Banks always deny to provide 20% Additional. It must be avoided.
• Release of Loan without collateral is also denied by the Bank to MSME units.
• The interest rate charged by the Banks are exorbitant high banks must charge minimum interest to support the Industry.

Smt. Amrit Singh I.A.S, Additional Deputy Commissioner (Development), Ludhiana assured that, shortly a Mudra Camp will be organized in CICU and Regarding additional 20 percent Loan instructions  given to the Banks to submit the List of MSME along with the Loan distribution List of MSME. She also requested to Banks to speed up the process of distribution of loans to the Industry.

Officials from State Bank of India, Punjab National Bank, Bank of Baroda, HDFC, City Union Bank and Kotak Mahindra were also present.

The meeting was attended by Sh. Anil Kumar, Lead District Manager, Sh. Sudarshan Gosai, Sh. Didarjit Singh, Sh. Honey Sethi and Sh. Sanjay Dhiman.