Orissa: Central Bank of India will strengthen MSME

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Central Bank of India will strengthen MSME

Bhubaneswar: The Orissa government has tied up with the state-run Central Bank of India to strengthen credit flow to micro, small and medium enterprises (MSME) in the state.

According to the agreement, the bank will deploy funds worth Rs.25,000 crore for MSMEs on incremental basis over a period of five years and open new branches in industrial areas .The deal was signed by the bank and the state-run IPICOL  at the state secretariat on Friday  in the presence of Chief Minister Naveen Patnaik.

The Chief Minister Naveen Patnaik said I am happy that  an MoU  is being signed between the IPICOL  and the Central Bank of India for deployment of an additional Rupees 25,000crores in  the state of Orissa over the next five years. Considering the fact that the existing investments by the Central Bank of India in Orissa has so far been only Rupees three thousand crores,the proposed investment will mean a quantum jump for our state.These funds will flow in to clusters in the  identified medium,small and micro enterprises , handicrafts and handlooms ,sericulture and tribal cottage industries sector.

The Chief Minister said  I would also request the Bank to establish Enterprenurship nDevelopment Institutions and Rural Development  and Self Employment Training Institutes(RUDSETI) at different locations in the state to take up enterprenurship development skill,upgradation  and other capacity building activities.The Employment mission which has been set up by our Government  will be happy to collaborate  with the Bank  for providing necessary support to the programme.Another flagship programme of the state government is the Mission Shakti which has forty four lakh women members in its fold.They have been able to set up an excellent track record in Managing their funds,servicing their loans and conducting successful group activities. The Bank should extend its help to the members of the women Self Help Groups in order to up-scale their activities.The Government of Orissa and the Central Bank of India will jointly form a Steering Committee which shall supervise and monitor the effective implemention of the MoU.

CMD  of IPICOL Suresh Chandra Patnaik  and CMD of Central bank of India S.Sridhar has signed the MoU  in presence of the Chief Minister Naveen Patnaik, Industries Minister Raghunath Mohanty, Chief Secretary Tarunkanti Mishra,Development Commissioner S.P.Nanda,Industries department Secretary Saurav Garg .