Karnataka - Mysore   

Banks should help in growth of industries: Official

By Our Staff Correspondent

The General Manager of Canara Bank, K. Annappayya, handing over the Laghu Udyami Credit Card to the HIA President, P. Vishwanath, in Mysore on Monday in the presence of the KASSIA General Secretary, Prakash N. Raikar (left), and the Commissioner for Industrial Development, C.R. Chikkamath (second from right).

MYSORE, DEC. 27. The Commissioner for Industries Development and Director of Industries and Commerce, C.R. Chikkamath, today said that banks should assist in the growth of industries in the State by providing loans on time to needy entrepreneurs.

Speaking at a function organised here to distribute Laghu Udyami Credit Card, Mr. Chikkamath said that the loan should be disbursed on time. Many banks were weary of lending in view of the failures reported in the small-scale industries sector. Interaction between the industries and the financial institutions would help overcome these problems, he said.

Stating that the banks should boost the confidence among the industrialists, Mr. Chikkamath said that at the same time entrepreneurs should take the government and the lending agencies into confidence. The government would provide training to industrialists to prepare them to face the challenges posed by global markets.

Schemes

Mr. Chikkamath said that the government was promoting the growth of industries by introducing schemes such as the Prime Minister Rozgar Yojana and Udyoga Mitra. Through the Industrial Adalats, the government is understanding the problems and needs of industrialists, and that it is ready to assist the entrepreneurs in promoting industrial activity in the State, he said. In an effort to promote region-based industries the government is forming industrial clusters in respective regions.

While cashew cluster is being promoted in Mangalore, Jeans Cluster and Auto Cluster are being promoted in Bellary and Shimoga districts respectively. The government has initiated efforts to overcome the problems faced by the industrialists in Peenya Industrial Area, and that industries will be benefited by such measures, he said.

The General Secretary of Hebbal Industrialists Association, Suresh Kumar Jain, sought the Government's assistance in setting up a SSI Assistance and Information Centre in Mysore. He said that there are nearly 34,000 industrial units in Mysore of which nearly 17,000 units are functioning without registration.

The Canara Bank General Manager, K. Annappayya, the President of Hebbal Industrialists Association, P. Vishwanath, the General Secretary, Prakash N. Raikar, and small-scale industrialists were present on the occasion.

Laghu Udyami Credit Card

The Laghu Udyami Credit Card is a special scheme introduced by Canara Bank for the benefit of small-scale industries to meet their working capital requirements. Valid for a period of three years, the Laghu Udyami Credit Card entails a withdrawal up to Rs. 10 lakhs based on the assessment made as per turnover methods. No collateral security was required for a loan amount up to Rs. 5 lakhs.

A press release from Canara Bank said that there is no compulsory annual renewal of credit limits and that it is also not necessary to submit monthly stock statements but only quarterly stock statements in simplified format.

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