Union Minister for Micro, Small and Medium Enterprises Jitan Ram Manjhi held an intensive review meeting in Puducherry on Sunday, issuing stern directives to commercial public and private banks to dramatically accelerate collateral-free credit delivery to local micro-entrepreneurs.
Presiding over a State Level Bankers’ Committee conclave alongside Puducherry Lieutenant Governor and local administrative secretaries, Manjhi expressed dissatisfaction over sluggish loan sanction rates under the Pradhan Mantri Mudra Yojana and PM Vishwakarma initiatives. He noted that despite high recovery rates, rural branches continue to impose unnecessary bureaucratic delays and demand informal asset pledges from vulnerable artisans and self-help groups.
The minister ordered lead district managers to establish dedicated weekly single-window facilitation camps across Karaikal, Mahe, and Yanam to clear pending credit applications. He underlined that the Credit Guarantee Fund Trust for Micro and Small Enterprises fully protects financial institutions against default risks, eliminating legitimate excuses for withholding working capital from eligible borrowers.
Puducherry small-scale industrial associations submitted memorandums detailing difficulties in accessing credit for coastal tourism enterprises, traditional handloom weaving units, and small agro-processing cooperatives. The minister directed regional bank executives to institute transparent digital tracking of loan applications and submit bi-weekly disposal reports directly to the ministry.
Manjhi reaffirmed that micro-enterprises constitute the foundational backbone of India’s inclusive economic growth, serving as primary engines of grassroots employment. He announced that the MSME Ministry will co-finance a modernized tool-room and skill incubation center in Puducherry to train youth in advanced manufacturing trades.
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Sources:
https://school.edusaint.in/news/school-assembly-news-headlines-7-september-2026