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Observe restraint in invoking SARFAESI

Expressing concerns over plight of MSMEs, which have already been reeling under severe pressure due to Covid impact, KT Rama Rao, Telangana Industry and IT Minister asked banks not to invoke SARFAESI Act against small units.

Telangana Industry and IT Minister KTR
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Telangana Industry and IT Minister KTR

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Hyderabad: ­Expressing concerns over plight of MSMEs, which have already been reeling under severe pressure due to Covid impact, KT Rama Rao, Telangana Industry and IT Minister asked banks not to invoke SARFAESI Act against small units. "Banks need to be generous on invoking SARFAESI Act instead of being ruthless and reckless on MSMEs. The behaviour of the banks has led to closure of several MSMEs. I request the banks to adopt restraint in invoking the act on MSMEs, especially in the present pandemic situations," said KTR.

While virtually launching the Indian Bank's 'MSME Prerana,' a business monitor programme to empower its customers in the State, on Tuesday, KTR said: "The program is a good initiative to give business guidance to MSMEs in Telugu, Hindi, Urdu languages. Indian Bank needs to cater to the priority sector credit in Telangana, as it's extended 51.52 per cent credit to priority sector in the country, whereas in the State, it is only 33.26 per cent. The bank and State's Telangana State Financial Corporation can collaborate to plan an innovative way to enhance the growth of MSMEs."

KTR further added that Indian Bank has been supportive to the State flagship programmes such as Kaleshwaram lift irrigation, Mission Bhagiratha and to public sectors like TSGenco, TSRTC.

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