Rs.68.12 Crore sanctioned to 28 MSME Entrepreneurs

Ludhiana, July 28, 2022: To boost cluster-specific scheme of financing Hosiery, Cycle & Auto parts manufacturing MSME Units, The Union Bank of India in association with the Federation of Industrial and Commercial Organization (FICO) organized 'MSME Credit Camp" at Hotel Park Plaza Ludhiana. 

Arun Kumar, General Manager Central Office Union Bank, explained the various Credit Schemes of the Union Bank of India for MSME Sector to boost the Manufacturing sector. 

Rakesh Mittal, Regional Head, Ludhiana Union Bank of India said that during the credit camp credit sanctions for 12 MSME Accounts amounting Rs.10.12 crores have been accorded along with in Principal approvals for 16 accounts of Rs.58 Crores have been provided in respect of cluster schemes. Further during the campaign other 18 leads of Rs.185 crores have been discussed. 

Gurmeet Singh Kular, President, FICO said that in this mega Credit Camp organized by Union Bank of India in association with FICO, the Credit Sanctions of Rs. 68.12 Crore to 28 MSMEs have been provided in Clusters Schemes for technology upgradation, which is the need of the hour as the MSME units are working on age-old technologies, which needs to be updated to meet the global standards of manufacturing. 

Manjinder Singh Sachdeva, Senior Vice President, FICO congratulated the Union Bank of India for their initiative and said other public sector banks must also come forward with special schemes for MSME Sector, as MSME Sector has been most affected during Covid. 

Arun Kumar Field General Manager Chandigarh Union Bank, Navneet Kumar Gupta Deputy General Manager Union Bank, Harjit Singh Sondh Co-Chairman FICO, Manjinder Singh Sachdeva Senior Vice President FICO, Rajeev Jain General Secretary FICO and Satnam Singh Makkar Propaganda Secretary FICO were among those present.