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MSME Entrepreneurs to get Business Credit Cards from Ministry of Finance, Demanded by CAT

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MSME Entrepreneurs to get Business Credit Cards from Ministry of Finance, Demanded by CAT

It comes as a good news for small businessmen that the standing committee of the Ministry of Finance has accepted the suggestion (CAT) to the Prime Minister Narendra Modi for providing business credit cards to the small businessmen. Very soon the credit card will be issued to the entrepreneurs and traders registered in MSME with this the problem if cash flow MSMEs will be solved. A recommendation has been proposed to limited amount of loan from business card without any charges.

Speaking to Hello Mumbai News.com, Shankar Thakkar, President of Metropolitan Mumbai Province of CAT and National President of Apl India Edible Oil Traders Federation, affirmed that through CAT, we have placed the farmers on the lines of Kisan Credit Card in front of the Prime Minister Narendra Modi at Talkatora Stadium in Delhi on 19 April 2019. The Prime Minister accepted the suggestion for the Business credit card and further expressed confidence of taking appropriate action in this direction.

CAT’s National General Secretary Praveen Khandelwal while conversing with Hello Mumbai News.com asserted that in the report of the Standing Committee prepared for the hike in cash flow of MSMEs, it has been notified that presently, the size of MSME has emerged manifold than agriculture and hence, there is no necessity for providing short team loans to MSMEs at low interest rates. It is essential so that they can meet their working capital requirement. With Kisan Credit Card, farmers avail short term and term loans for crops. Similarly, MSMEs will use business credit cards.

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