MSME outreach camp in Guwahati

It was a learning experience both for the bankers and the beneficiaries at the mega MSME outreach camp organized by Union Bank in Guwahati.

MSME camp organized in Guwahati

The outreach camp was attended by Prabhat Kumar, Regional Head and Deputy General Manager of Union Bank, Guwahati and Dr. Samir Baruah Chairperson Banking and MSME Indian Chamber of Commerce, North East who was a special invitee in this outreach camp.

Owners of Micro, Small and Medium enterprises( MSME) of Assam attended the camp.

According to Export- Import Bank of India, the MSME( micro small and medium enterprises) sector contributes to nearly 62 percent of the economy of the Northeast by way of employment, output and exports. The MSMEs of the Northeast account for only 15 percent of the country's MSMEs.

Union Minister Narayan Rane had said the Centre will give emphasis on development of micro, small and medium enterprises (MSMEs) in the North East to ensure economic prosperity in the region and propel the sector's contribution to the country's Gross Domestic Product (GDP).

The MSME sector contributes to 30 percent of GDP and accounts for over 49 per cent of India's exports.

Both Prabhat Kumar and Dr.Samir Baruah spoke on how the Ministry of Micro,Small and Medium Enterprises have helped the small business owners financially and have given guidance in their investment plan.

Prabhat Kumar discussed the banking system in India and the losses they face when the loan is not repaid back to them. He also talked about the new schemes which have been launched by Union Bank which will help the small enterprise owners to set up plants or help with their needs which are required for running the business.

Dr. Samir Baruah said that he has 40 years of experience in banking and praised the hard work of Prabhat Kumar. M/o MSME not only gives financial assistance and subsidies but also in creating and sustaining those enterprises. He also discussed the problems which the owners of these enterprises face which is when the banks refrain them from giving loans.

Schemes which are introduced as an aid for owners of MSME

There are many schemes which have been launched by Union Bank exclusively.
Bank officials spike about a few schemes in the camp like-

1.Union Naari Shakti for women entrepreneurs - This scheme is only exclusive to Union Bank and no other bank till today has this facility. It is the only scheme in whole India where 25% of collateral coverage amounts to 5Cr Rupees.

2. Union MSEME Suvidha - All MSME owners with the purpose of trading activity can avail this scheme
3. Union GST gain - In this scheme, the entrepreneurs are given loans solely on the basis of their GST returns. No other papers and documents are required.
4. Union Equipment Finance - This scheme is concentrated for purchase of commercial equipment, machines and vehicles.
5. Union Ayushman Plus - This scheme can be taken advantage of by professional medical practitioners between the age group of 25-65 years for hospitals, pathology labs. Nursing homes, diagnostic centers and more.

Both Prabhat Kumar and Samir Baruah interacted with the owners of MSME. The entrepreneurs discussed the problems of not getting their loan sanctioned on time and how the banks rejected the loan application even after giving them the important documents.

Some of the entrepreneurs also praised banks about how their loans have been sanctioned smoothly and being helpful in each and every stage.

ALSO READ: TEA GARDENS IN ASSAM CAN DIVERSIFY INTO OTHER ACTIVITIES