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‘Rectify bank loan norms to weavers, artisans’

Amit Mitra, advisor to West Bengal CM Mamata Banerjee, in a letter to the finance minister Nirmala Sitharaman, has said that the cause of rejection by banks was the stringent notification by the government of India.

The West Bengal government has requested the finance ministry to ‘rectify’ norms for bank loans to weavers and artisans, as over 60 per cent loans to these categories of loan seekers in the state are being rejected by the banks.

Amit Mitra, advisor to West Bengal CM Mamata Banerjee, in a letter to the finance minister Nirmala Sitharaman, has said that the cause of rejection by banks was the stringent notification by the government of India, which made mandatory a variety of requirement including PAN card etc for even these micro weavers and artisans.

“Unfortunately, RBI too has brought out a similar stringent notification. These notifications of the government of India and RBI have tied the hands of bankers from lending to micro enterprises, leading to massive rejections,” Mitra’s letter to Sitharaman read.

Source:indianexpress.com

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