Published On : Sat, Jul 20th, 2019

Banks should also extend assistance to innovative ventures: Gadkari

Union Minister inaugurates Zonal Office of Indian Bank in city

Nagpur: Union Highways and Road Transport Minister Nitin Gadkari on Saturday said that the role of the banking sector is vital in the growth of country’s economy. “Banks transform socio economy. It is now necessary for the banks to extend assistance to innovative ventures such as production of bio-fuel,” the Minister said after inaugurating Zonal Office of Indian Bank in Civil Lines here on Saturday.

Indian Bank Managing Director and Chief Executive Officer Padmaja Chundru and Regional General Manager Sandeep Kumar Gupta were prominently present on the occasion.

“Nagpur is developing fast industrially because of international airport, Metro, Mihan, number of IT and other companies. The major IT company HCL will be providing jobs to over 10,000 youths in the next 3 years. Banking sector has a major contribution not only employment generation but also in economic development of the country,” Gadkari, who is also holding Micro, Small and Medium Enterprises portfolio, stated.

Gadkari further said the banking sector was facing a lot of challenges on various fronts. He also listed ensuring transparency and giving returns on deposits as challenges before the banking sector. Prime Minister Narendra Modi has said that bank loans in the MSME (micro, small and medium enterprises) sector will be sanctioned in 59 minutes and it will be connected with GSTand Income tax. Those having a good track record get their loans sanctioned quickly, he said.

The Union Minister said that it was incumbent upon banks to ensure that loans sanctioned under various public welfare schemes get disbursed quickly. He also emphasised the need to encourage the handloom and handicraft industry for creating employment opportunities and boosting growth in the MSME sector.

The Minister said “Solar Charkha” cluster will be launched in the cotton belt of Vidarbha from where export quality ready-made garments will be manufactured. “Solar Charkha” is the initiative of the MSME Ministry to ensure inclusive growth by generation of employment, especially for women and youth, and sustainable development through solar charkha clusters in rural areas.

Gadkari also talked about giving additional land to HCL Technologies operating in Mihan (Multi-modal International Cargo Hub and Airport at Nagpur).