Principal Chief Adviser to West Bengal Chief Minister Mamata Banerjee and former state Finance Minister, Amit Mitra on Monday sought urgent intervention of Union Finance Minister Nirmala Sitharaman over banks' rejecting loan applications of more than 60 per cent artisans in the state, which, he said, happened despite financial inclusion being the focus for G20 nations and India heading its presidency.
In a letter to Sitharaman, Mitra wrote: "You would be shocked to know that in West Bengal alone, out of the 15,298 weavers who applied for loan, as many as 10,108 faced rejection by banks, a staggering 66 per cent rejection rate between April 2022 and September 2022. All their applications had been vetted by the district industries centres as a requirement by the banks. Furthermore all of them were holders of weavers' credit card as well."
Similarly, he said further, out of 48,153 applications for loans from the artisans of the state, 29,656 applications were rejected by banks, again a staggering 62 per cent rejection rate.
This, Mitra said, has happened when G-20 nations have made financial inclusion of SMEs as their focus area in their global action plan.
"In a recent meeting of the state level bankers' committee, it became evident that the cause of such huge rejections by banks was the stringent notification by the Central government which made mandatory, a variety of requirements including PAN card etc for even those micro weavers and artisans. Unfortunately, the RBI too has brought out a similar stringent notification. These notifications are totally divorced from the ground reality of min-micro enterprises of the country, which are simply crying out for 'financial inclusion' to grow their enterprises and livelihood," he wrote.
He informed the Finance Minister that the state Chief Secretary too had flagged this issue a few days ago in the presence of the Prime Minister in Delhi.
Urging Sitharaman to urgently intervene in the matter, Mitra has requested her to "pursuade both RBI and MSME department of the Central government to rectify the notifications and allow self certification by micro weavers and artisans for bank loan applications as was the case in the initial notification".
"If weavers and artisans of West Bengal alone have faced 40,000 rejections of bank loans, the number of such rejections could well be to the tune of 5 to 10 lakhs in the country as a whole. Your urgent intervention is critical for 'financial inclusion' of the entrepreneurs from the bottom of the pyramid," Mitra said.
BJP ally Tipra Motha Party threatens to withdraw support if govt does not fulfil promises
Tripura's ruling coalition partner, the Tipra Motha Party (TMP), on Thursday threatened to withdraw its support from the BJP-led government if the Centre did not fulfil the provisions of the tripartite accord signed on March 2 last year.
Not new procedure, been in place since 2009: EAM Jaishankar on deportation row
External Affairs Minister S. Jaishankar stated in the Rajya Sabha on Thursday that there has been "no change from the past procedure" in the deportation of illegal immigrants by the United States, emphasizing that the process is "not a new one".
Cong seeks discussion in LS, dignified treatment for deported Indians by US
The Indian nationals who were deported from the US for illegally arriving in the country on Wednesday claimed that they were sent back on the military aircraft with their hands and legs cuffed throughout the journey.
J&K mysterious deaths: All pesticide, insecticide shops sealed in Rajouri district
All pesticide and insecticide shops have been sealed by authorities in Jammu and Kashmir’s (J&K) Rajouri district as part of preventive measures taken after 17 ‘mysterious deaths’ took place in Budhal village, officials said on Thursday.
Pariksha Pe Charcha: PM Modi to engage with students; Sadguru, Mary Kom, Deepika to join discussion
The much-anticipated eighth edition of 'Pariksha Pe Charcha' (PPC) is set to return in an expanded format, featuring an array of distinguished experts and guests, alongside Prime Minister Narendra Modi.
Maha Kumbh: 25,000 tribal devotees to take holy dip at Triveni Sangam
In a historic event, around 25,000 devotees from tribal communities across the country will converge at the Maha Kumbh in Prayagraj to take a holy dip at the Sangam and pledge to safeguard their religion, culture, and traditions.
White House dials down Trump's plan to 'take over' Gaza
The White House said on Wednesday that President Donald Trump had not committed any funds for his proposal for the US to take over Gaza or deploy troops there for that purpose.
After US, Israel withdraws participation from UN Human Rights Council
A day after US President Donald Trump announced America's withdrawal from the United Nations Human Rights Council (UNHRC), Israel's Minister of Foreign Affairs, Gideon Sa'ar, has said that Israel would also join the US in its decision not to participate in the UNHRC.