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Central Bank to help Orissa’s small enterprises


Bhubaneswar: The Orissa government has tied up with the state-run Central Bank of India to strengthen credit flow to micro, small and medium enterprises (MSME) in the state.

According to the agreement, the bank will deploy funds worth Rs.25,000 crore for MSMEs on incremental basis over a period of five years and open new branches in industrial areas, a senior official of Industrial Investment Promotion Corp of Orissa Ltd (Iipcol) told IANS.

The deal was signed by the bank and the state-run Iipcol at the state secretariat in the presence of Chief Minister Naveen Patnaik.

Post-agreement, it would be easier for entrepreneurs to get credit facilities from the bank, he said.

“Within 30 days of the receipt of a proposal, the bank will provide banking and other related facilities.”

Central Bank will also set up entrepreneurship development institutions or rural development and self-employment training institutes to train potential entrepreneurs, he said.

“The Orissa government will provide them the required land at potential locations. The bank has also assured the government to establish dedicated branches for MSMEs in industrial areas,” the official added.