Ground reality is different from union finance minister’s claim in Indian Bank

Ranchi: As union finance minister Nirmala Sitharaman claims to have made an arrangement of Collateral Free loan, an entrepreneur raises doubt over it sharing his personal experience.

“NORNA SOFTECH COMPANY is a company registered with the Registrar of company in the year 2018. Currently it has a government work order of 1.20 crore. The company is registered in MSME and STARTUP. It has its business account in Harmu Branch of Allahabad Bank. For the last five good relationships are maintained. The company requested the bank for LOAN CC several times but the bank refused. The company management has also knocked on the door of the bank’s Zonal Office but response from there also remained negative,” a. a senior official of the company shared details of three government work orders through the GEM portal.

The senior official said: “Recently I have come across a news item informing that Special Investigation Team of Jharkhand CID have arrested four persons including manager of a nationalized bank for helping JharkhandUrja Utpadan Nigam Limited in fraudulently transferring more than 100 crore in fake account of Jharkhand. Tourism Development Corporation. I thought at one hand nationalized banks are not providing loans to genuine entrepreneurs, while at the other hand senior bank managers are manipulating government’s money to feed those who are already in jobs. I would like to advise Sitharaman ji to think twice before she speaks and ensure that what plans her ministry chalks out should be properly implemented on the ground level” Indian Bank official’s could not be available for his comment on the matter.