Indore: RBI to offer interest rate benefit to the industries

Town Hall meeting of RBI officials with industrialists held.

Staff ReporterUpdated: Wednesday, March 23, 2022, 12:45 AM IST
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Indore (Madhya Pradesh): The Reserve Bank of India (RBI) will take care of the problems being faced by industries in getting loans and all industrialists will get the same treatment. Honest units will get the benefit of interest rate in case of the loans.

RBI officers gave this assurance to industrialists at a Town Hall meeting, organised under the aegis of the MSME Development Institute and Association of Industries of Madhya Pradesh. The RBI officials came from Bhopal to hear the complaints and suggestions from MSME industrialists of the city.

Anjan Mishra, general manager-in-charge of the RBI, Bhopal; assistant general manager of the RBI Krishna Murari Mathur; assistant manager of the RBI Sachin Sule; Sunil Dhaka from Bank of India; P Sampat Kumar, deputy general manager, Central Bank of India; Deepak Kumar Jha, deputy general manager, Bank of India; assistant general manager, SIDBI, Anand Yadav; and director of the MSME Development Institute DC Sahu were present at the meeting.

Pramod Dafaria, president, AIMP, highlighted the problems being faced by units in bank dealings and loan instances. He said that, in the case of mortgage, the fee has to be paid again for changing the bank, whereas this fee should not be levied again. The stamp duty in mortgages should also be reduced by 0.5% which is much higher than in other states. Industries are not getting the benefit of collateral-free loans by banks, which is causing them a lot of trouble. He sought information from the officials on how many such cases of collateral-free loans have been given by the banks. In banking practice, even though there is an online system at present, many paperwork formalities are done which should be minimised.

Dafaria stated that, in many loan cases, the bank interest rates are comparatively high, which puts a burden on industries. The claim period of the bank guarantee is fixed at 12 months, due to which many discrepancies arise. In case of minor errors, the bank recharges the amount of stamp duty, while there should be a system for rectification of any error. Banks should help small industries in cases of delayed payment so that their cash flow remains intact and production is not affected. Dafaria also said the RBI should bring an awareness platform and direct the banks and help industries to benefit.

Industrialist Abhay Agrawal said that, in many cases, banks put the burden of duty on the industries by getting the search report of the same unit done three times and the industries have to bear the duty, which is a wrong process.

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