CM Sonowal Interacts With Bank Officials On Economic Stimulus Package

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Chief Minister Sarbananda Sonowal urged the private and non-private sector banks of the State to devise a standard operating plan to maximize credit float to MSMEs and other stressed sectors in the backdrop of Prime Minister’s announcement of an economic stimulus package worth Rs. 20 lac crore to galvanize the economy which was once hit tough by the novel coronavirus induced nationwide lockdown.

The
Chief Minister also said that the State Government would constitute a committee
with representation of bank officials to supervise implementation of the economic
package and be sure that all affected sectors get optimum benefits.

While
speaking at a special State level Bankers Committee assembly at Assam
Administrative Staff College in Guwahati today, which was once convened to interact
with bank officials for successful implementation of the economic package, the
Chief Minister said that under present circumstances the economic stimulus
package is a historic announcement by the Prime Minister and the banks will have to
grab this possibility to rejuvenate the battered economy.

Observing
that the MSME sector is among the core areas of State’s economy, Chief
Minister Sonowal urged the banks to succeed in out the entrepreneurs throughout this
time of misery with more credit float. The Chief Minister suggested the banks
to come out with standard operating plans to make sure maximum disbursal of loans so
that there’s more liquidity out there. He further said that the State
Government would form a committee including representatives from banks for
better execution of the economic package.

Urging
the bankers to be positive in their outlook, the Chief Minister advised them to
convene assembly with all stakeholders to negate the opportunity of the loans
turning into poor loans. He in addition said that the coronavirus pandemic had been
an eye opener relating to State’s strengths and weaknesses in the economic
sector and it was once time to capitalize the learning to reap dividends to spice up
the economy. Further stating that the economic package brings much hope for the
agri and allied sectors, the Chief Minister called upon the banks to pump in
more money in building agricultural infrastructure and concentrate on areas related
to production, procurement and marketing of farm products.

Minister of Finance Himanta Biswa Sarma in his speech urged the banks to show leadership in overcoming the present economic crisis and work with a focus on realizing the vision of Atmanirbhar Bharat and Atmanirbhar Assam. Underlining quite a lot of aspects of the economic package, Sarma said that from now on MSMEs are entitled to liquidity without warranty and hence the banks must aggressively lend money to spice up capital float out there.

The
Finance Minister said that there’s much scope for expansion of KCC loan today
with opening the door for inclusion of dairy, piggery etc., and advised the
banks to develop modality for lending KCC loan to this sector as mannered. He also informed
that the committee to be formed by the Government to supervise implementation of
the economic package would be a beneficial platform to sort out all issues
faced by the borrowers and bankers. Dr. Sarma further said that the State
Government would introduce three awards to recognize the most efficient performing banks
on PM’s economic package based on reports of an independent evaluator.

Representing
the banking institutions, CGM SBI NE Circle Sunil Tandon, CGM NABARD SS Saha, Managing
Director & CEO of North East Small Finance Bank Rupali Kalita and officials
of Bank of India and Indian Bank made several suggestions for effective
implementation of the PM’s economic stimulus package.

Principal
Secretary of Finance Branch Sameer Sinha in the assembly made a detail
presentation on different aspects of the package and highlighted the role that
banks could play as an middleman in executing the package.

The Bodoland/ Assam / India / International

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