STATE TIMES NEWSJammu: Welcoming Union Finance Minister’s assertion that banks cannot refuse credits to MSMEs under the Emergency Credit Facility and any refusal should be reported in this regard, the Citizen’s Forum on Saturday urged the administration of J&K UT to ensure that instructions of the Union Finance Minister are implemented in letter & spirit across J&K. In a press statement issued here, President Citizen’s Forum, R K Chadha said that earlier in J&K, bankers were denying this facility to small businesses and MSMEs, citing irrelevant rules and regulations. “The units are facing huge financial crunch due to nationwide lockdown and COVID threat but banks were denying credit facility to small businesses and MSMEs, citing irrelevant rules and regulations. On request of many suffering unit holders, Loveleen Chadha, a woman entrepreneur wrote a letter to Union Finance Minister highlighting sufferings and plight of small unit holders. She further requested LG J&K, Girish Chandra Murmu and Chief Secretary J&K, B V R Subrahmanyam to issue necessary instruction to bankers, so that they do not refuse credit facility as 3 months further moratorium is in offing, but Bankers continuously avoided,” he added. Chadha further requested the LG J&K, Girish Chandra Murmu and Chief Secretary J&K, B V R Subrahmanyam to ensure that instructions of Union Finance minister are implemented across J&K in letter & spirit besides directing banks not to play truant with small businesses and MSMEs and start providing them credit facility immediately.
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