Tecci delegation calls on President

Tecci delegation calls on President
Highlights

A delegation of the Telangana Chambers of Commerce and Industry (Tecci) led by its president M Venkateshwarlu on Wednesday called on President Pranab Mukherjee and appraised him about the shortcomings in the implementation of Mudra Bank loan scheme.

Tecci president M Venkateshwarlu (2nd from left) and other members with Pranab Mukherjee, President of India, at Rashtrapati Nilayam in Hyderabad on TuesdayHyderabad: A delegation of the Telangana Chambers of Commerce and Industry (Tecci) led by its president M Venkateshwarlu on Wednesday called on President Pranab Mukherjee and appraised him about the shortcomings in the implementation of Mudra Bank loan scheme.

The Micro Units Development and Refinance Agency (Mudra) Bank is an initiative launched by Narendra Modi government earlier this year to encourage small entrepreneurs. Under this, banks will extend collateral-free loan to micro, small and medium enterprises.

The Tecci said that there was no specified timeframe for processing of loans and as result, banks were keeping applications in pending for months together. “To avoid this, a specific timeline should be established for processing of applications,” it said.

Tecci also sought statutory mechanism for monitoring of loan disbursals and related complaints. It also underlined the need for extensive publicity to Mudra loan scheme as well as the existing DRI (Differential Rate of Interest) scheme.

The delegation urged the President of India to see that the suggestion made by Tecci for strengthening of Mudra bank loan scheme implemented for strengthening of Mudra Bank initiative.

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