File MSME Complaints to short out bank non-approved loans.
It is finally a welcome sign to know that policymakers like Finance Minister Nirmala Sitharaman have finally announced something really substantial in the area of MSME credit. FM Sitharaman has said that micro, small and medium enterprises (MSMEs) can now make a complaint if banks deny them loans without reason.
Sitharaman was in Chennai to explain the Budget proposals to traders, industrialists, economists and the media.
She added the Central government is plugging the loopholes in the Good and Services Tax (GST) with the use of technology and is working towards eight per cent growth rate.
According to her, during the last three months the GST collections have exceeded Rs 1 lakh crore.
She said at the GST Council, state Finance Ministers had said that owing to loopholes tax revenue is not increasing and now that is being plugged.
The GST collections during November and December 2019 were about Rs 1,04,000 crore and Rs 1,03,000 crore respectively and in January it was Rs 1,11,000 crore, said Ajay Bhushan Pandey, Revenue Secretary.
According to Pandey, the government is taking various measures like use of data analytics, data from Income Tax filings, exports and imports and identify where taxes are not being paid.
Pointing out that there are about 1.20 crore entities registered under GST, he said red flag reports are prepared every month and SMS messages are sent to those on whom red flag reports are made.
Pandey said if the tax paid and the tax due difference is large than the taxpayers and also tax officials are notified.
“This has resulted in higher tax collections,” he said.
According to him, the government will continue to use targeted approach and also use data analytics and artificial intelligence.
When asked about the pending GST dues of Rs 4,000 crore to Tamil Nadu, Sitharaman said it would be setting in two months and the due is not targeted at the state alone.
On bringing petrol and diesel under GST regime she said the GST Council consisting of state Finance Ministers have to decide on that and once they agree then it would be done.
Pandey also said once the Finance Bill is passed by Parliament the government will put out the procedure to be followed under ‘Viwad Se Vishwas’ scheme for settling pending direct tax issues.
He also said where the tax department of the government has filed an appeal against the taxpayer then that would be withdrawn.
Queried about the new tax slab rates that would turn India from a saving economy to spending economy, Sitharaman said that an earning individual with additional money on his hands can decide what to do with it and the government need not guide his savings through tax deductions.
According to her, it is just eight days since the Budget for 2020-21 was presented. It will take some time to see whether demand boosting measures stated in the Budget would give results.
Earlier addressing the traders and industrialists, Sitharaman said micro, small and medium enterprises (MSMEs) can complain if banks deny them loans without reason.
Sitharaman said if the banks are denying loans without reason then the MSMEs can send a complaint to the special centre to be announced shortly.
She said a copy of the complaint should also be sent to the concerned bank manager. Sitharaman said the foreign exchange reserves are at a high level as the fundamentals are good.
On her long Budget speech, Sitharaman said that officials had worked hard to come out with proposals for all sections of society.
Stressing that the macro economic fundamentals are good Sitharaman said the focus is on creating assets and investing in infrastructure.
Earlier banks resorted to “phone banking for loan disbursal” lending to “uncles and brother-in-laws” which resulted in high non-performing assets (NPAs).
“It took four years for us to set right the NPAs,” she said.
Sitharaman said lessons have been learnt on how to prevent such a situation again.
She said the government has not resorted to useless spending. The government has decided to create assets investing in infrastructure.
She said public expenditure should go for infrastructure.
Sir my msme loan form is dipogite in bank but they are not giving lone to me they are saying that i am not giving loan to new costumer their are no order to me,please help me thanks sir
MSME fund is for manufacturing and marketing approached union bank of india but they are not giving any sanction who should be contacted
Mr Alexander, we have responded to you on your email. please check out.
Sir this is sunil from nanditha display systems k r puram Bangalore. We r Mfrs of white board,green board etc..I running business from 10 years.i have msme certificate but my hdfc bank in Brookfield branch r not giving loan.i m having account from 6 years there but bank people r not giving any response.
Hi,
We are woven apparel manufacturers and exporters based in Chennai. We are registered under MSME and we deal with Indusind bank Ltd in Chennai. They are refusing to give the 20% loan as per Govt instruction.
Pls advise what we have to do ?
write an email to us on faiz@smestreet.in and explain your experience and issues.
https://smestreet.in/smestreet-league-of-mentors/mentors-2020/ PLease fill in your details and mention your problem here in the form which is in the link above..
Sir I Rakesh sharma my unit of manufacturing of paper disposal under DIC jammu my firm name RAM CHAND INDUSTRIES AKHNOOR in j&k.my account running last 6year in j&k bank patel nager jammu.bank never give any types of benefits new loan or 20% on credit limit … Sir plz help us to restart my bussiness .. so many time bank worker say u r not avail to take benefits of MEMS SCHEME.if any help call 97977067
Please check out this https://smestreet.in/smestreet-league-of-mentors/mentors-2020/ And mention your query on the above mentioned form.
Sir, we have a garment manufacturing unit in jalgaon (maharshtra) in that all worker are rural area women . we oprate account in BANK OF MAHARSHTRA BHAMBORI BRANCH and 95 lakh turnover. last 15 month we ask branch manejer for lone he give us busy shedule reson and not accept our proposle therefore we approch in REGINAL BRANCH JALGAON they have same reson. pl. guide us
Sir I approached bank of baroda and syndicate bank for MSME loan but as per bank both manager told me without my 6 months old current account with their bank they are not give me loan I have bank account in co.op.bank Ltd. Please help me to start my new business I have 20 year’s of marketing experience I have very good plan for new business.
Hi i had applied 3lakh msme loan submitting my money back lic policy documents and got approved in the month of March 2020. Due to lock down I couldn’t visit the branch and the processing fees is deducted from my account. The loan is cancelled due to non visiting the branch and they are asking me to apply again. I am a trader and having this current account from 1990.
Sir my msme loan form is dipogite in bank but they are not giving lone to me they are saying that i am not giving loan to new costumer their are no order to me,please help me thanks sir
I am a small shirt manufactring company and looking for a loan of Rs.3laks immediately. But my bank is not ready to talk regarding any type of loan due to my cibil is Low. My existing bank is Union Bank Of India, Naihati Branch, West bengal. Please advice me. Unless this may I am not live for long times. Thanking you.
Sir,I am sumit from Bareilly, Uttar Pradesh,sir,it’s very humilating to go to the jila udhyog Kendra because the people who are sitting on the chair thinks himself God.They are not ready even to tell anything about Yojana,if anybody wants to know about that or put more questions they say,ja karle jo bhi karna hai tujhe loan ndhin hone doonga.In this way we will not be able to get anything.so plz do needful,if really government want to know get anything positive from the people.i’am not only one there are number of people who are getting this kind of views from the people who are sitting in the office, sometimes they abuse also.
Hello sir I had submitted all the documents which bank manager had asked me to provide bt from last 3months he is giving excuses you come next month we will see . Even I didn’t borrow loan before . I have applied 1st time for loan under msme loan because of COVID-19 our business went in loss so to restart I had appleid for loan of 3lacks .but now manager is like apka loan nhi hoga from three months he was doing time pass the or what I have provide him gst copy ITR which all documents he asked me I had provided so please look after this issue
kotak mahindra released 50 % of our msme under goi scheme and are not releasing the balance nor are they giving any reason whom do we complain can u guide us
girish
Hi sir, I am running an advertising firm in mumbai, I have a current account with Icici bank. I have been asking my branch manager to issue a loan but he is denying by saying your company’s turn over for April 2019 to Feb 2020 is 15.5 lac. Whereas he said icici is only giving loan to companies which have turn over more than 50 lac. Is it true sir? Because our finance minister didn’t mention any minimum turn over limit inbher announcement of the covid msme loan. Plz guide
Respectively sir my company Name artiston apparel Pvt ltd my company at ahedabad manufacturers clothing in msme unit but my bank not issue our msme paymy bank Tamil Nadu mercantile Bank we have 160 ladies worker in my factory incovid 19 our totally work down and we depending on msme order in meantime we have 100000 crore clothing order for export so please save my 160 family and my business sir