‘Low interests on loans encourage Indians abroad’, says VK Singh

Mumbai: The people who go abroad do well due to low interest rates on loans which help them to take forward their ideas and opportunities, Minister of State for External Affairs V K Singh said on Tuesday. He was addressing a gathering of bankers here, as part of a promotion campaign of MUDRA (Micro Units Development and Refinance Agency).

“People going abroad do very good and the reason for it is very simple. They get a good opportunity there and have the required financial support to take their ideas forward. Also, the interest rates on banks there are very low,” Singh said. He said the MUDRA scheme was a tool for young entrepreneurs to be empowered to do what they want.

“There is no collateral required to avail the loans and the paper work is also very minimal. According to figures, women have been the main beneficiaries of this scheme,” he said.

Singh asked the bankers to interact with beneficiaries and seek their suggestions, feedback and complaints to ensure that the scheme can be made better with time. “MUDRA can be a tool to stop farmer suicides as well mostly due to over burdening from loans. The other members of the family can avail the loan facility and do some other work to balance the bad finances,” he said. Singh said that since employment opportunities are limited in the country, the banks should encourage people to widen their scope.

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