Ludhiana: Businessmen from the city organized a meeting with senior officials of a large public sector bank at the headquarters of the Chamber of Industrial and Commercial Enterprises (CICU). During the meeting, the businessmen expressed their concerns about the difficulties of financing, in particular to obtain loans without collateral from the banks.
Upkar Singh Ahuja, President of CICU, said: “We organized a meeting of industrialists with the team of Bank of Baroda led by area chief Vimal Kumar Negi and regional chief Vipin Kumar. During the meeting, several issues such as the tedious documentation involved in processing loans and other difficulties faced by businessmen were discussed and the bank officials agreed to resolve them as soon as possible. On the occasion, businessmen were informed of the useful and lucrative devices offered by the bank especially to micro small and medium enterprises. The interest rate starts from 6.55% per annum and if all the documents are available, when applying online, any unit can get a loan sanctioned within 59 minutes.
According to Ahuja, CICU members raised the lending issues under the Prime Minister’s Job Creation Program (PMEGP) and Micro and Small Business Cluster Development Program (MSE-CDP). “The representatives of the bank promised solutions soon and said that if there is any problem, businessmen can contact Rajesh Gaba, Managing Director, SME branch, industrial zone B, Ludhiana.”
The meeting brought together more than 60 businessmen.