MSMEs are one of the prime pillars of the country and the government is always trying to support them with various schemes. As we all know, if we want to see MSMEs to the next level of growth then there is a need for major initiatives by the financial government. As per the details, Public Sector Banks (PSBs) are all set to announce the MSME Credit Model in November 2024. There are some documents have been shared. Let’s unveil everything here.
The Ministry of Finance releases the direction to all the PSBs regarding this MSME Credit Model. After the notification of the public sector banks are ready to offer loans to micro, small, and medium enterprises (MSMEs). There is a huge possibility that with this loan scheme, MSMEs will be able to get financial support and can put some more investment into their business.
Through this MSME Credit Model, PSBs are allowed to offer loan amounts between ₹25 lakh and ₹5 crore. This loan amount will differ from bank to bank. Bank of India, Punjab & Sind Bank, Canara Bank and Indian Bank are planning to launch this model on November 25.
Along with these, six other banks including Bank of Baroda (BoB), Union Bank of India, UCO Bank, Central Bank of India, and Indian Overseas Bank are in the list.
For the past few months Ministry of Finance has taken several steps to support MSMEs which is extremely required to promote businesses and eventually, this will help the Indian economy as well. More details regarding how to apply for this MSME Credit Scheme will be available soon on our website. Stay tuned to get major and latest updates on MSMEs and SMEs.