Indian Bank is yet to follow the guideline and policy of union finance minister

Ranchi: Everyone knows that without empowering entrepreneurs generating jobs is difficult and keeping in mind the union government has formulated various schemes under which entrepreneurs are being given collateral free loans and the government has made several arrangements to ensure that entrepreneurs do not face any problem in getting loans.

Union finance minister Nirmala Sitharaman has been talking about collateral free loans to entrepreneurs. Recently news also came in the print media that on November 18 and 19, the union minister herself is going to disburse a loan of Rs 1000 crore in Darbhanga in Bihar under credit outreach programme programme.

But apparently a nationalised bank of India, Indian Bank, is behaving not respecting the policy of the union government. An entrepreneur in Jharkhand capital shared the sentiment presenting an example.

“Norna Softech Company is a company registered with the Registrar of Companies in the year 2018. Currently it has a government order of 1.20 crores and has yearly turnover of Rs 40 lakh. The company is registered in MSME and Startup. It has a business account in the Harmu branch of Indian Bank. The company has maintained a good relationship with the bank for the last five years. The company requested the bank for loan CC of only Rs 10 lakh several times, but the bank refused. The company also knocked on the door of the zonal office of the bank, but from there also it got a negative response,” the entrepreneur said, sharing details of three government orders through the GeM portal.

The entrepreneur said denial of loan proposals need proper investigation as I have experienced that the bank officials are involved in corrupt practice in connivance with the government officials in Jharkhand and thus take little interest in genuine loan proposals compelling entrepreneurs to run from pillar to post to run their business.

“Recently I came across a news that the special investigation team of Jharkhand CID has arrested six people from Jharkhand, Bihar and Odisha including manager of a nationalised bank for helping Jharkhand Urja Utpadan Nigam Ltd to fraudulently transfer more than 100 crore rupees to the fake account of Jharkhand Tourism Development Corporation. I felt that on one hand nationalised banks are not giving loans to genuine entrepreneurs taking one pretext after another while on the other hand senior bank managers are misusing government money to benefit those who are already in jobs. I would like to advise Sitharaman ji to think twice before speaking and ensure that the schemes formulated by her ministry are properly implemented at the ground level.”