(MENAFN- KNN India)
New Delhi, Jul 19 (KNN) In an exclusive statement to KNN, Arka Fincap Limited has shared its pre-budget expectations, emphasising the need for enhanced support to the MSME sector.
Navin Saini, Chief Business Officer - SME & MSME Lending at Arka Fincap, expressed optimism about the government's continued focus on strengthening MSMEs.
"I am hopeful that the government will continue its agenda to provide a strong foundation for MSMEs, bolstering their growth," Saini stated. He suggested two key measures to achieve this goal.
Firstly, Saini proposed increasing the loan limits of the Pradhan Mantri MUDRA Yojana (PMMY) scheme from Rs 10 lakhs to Rs 20 lakhs.
Secondly, he recommended expanding the credit guarantee cover for unsecured loans for MSMEs from Rs 2 crores to Rs 5 crores.
Saini believes these steps would provide MSMEs with greater access to necessary financial resources, enabling them to thrive and contribute significantly to the economy.
As the Chief Business Officer for SME & MSME business at Arka Fincap, Saini brings over 25 years of experience in the BFSI sector. He has been instrumental in building Arka Fincap's retail franchise from the ground up, focusing on establishing robust distribution channels and underwriting models.
Arka Fincap Limited, a subsidiary of Kirloskar Oil Engines Limited, operates in four main business segments: MSME & personal lending, corporate lending, real estate and urban infrastructure financing, and syndication.
As of March 31, 2024, the company's Assets Under Management (AUM) stood at INR 5,200 crores, with retail AUM making up 50 per cent of the total. Arka Fincap currently has a presence across 31 branches in India and is actively expanding its reach to support businesses nationwide.
The upcoming budget announcement is eagerly anticipated by the MSME sector, with hopes that some of these suggestions may be incorporated to further boost this crucial segment of the Indian economy.
(KNN Bureau)
MENAFN19072024000155011030ID1108459979
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.