"A revolution is taking place in the country. Young men and women are not keen on taking up jobs. They are instead willing to take risks by becoming entrepreneurs who will create wealth and give employment. Banks should adapt to the rising Young India," Chidambaram said after releasing the 100,000th credit guarantee approval at a function organised by CGTMSE.
Chidambaram's missive to banks comes in the backdrop of the tardy response received by the scheme from CGTMSE's member lending institutions (MLIs) comprising public sector banks, private sector banks and regional rural banks.
CGTMSE was established by the Union government and Small Industries Development Bank of India (SIDBI) in August 2000 to facilitate collateral-free finance up to Rs 50 lakh to entrepreneurs in the micro and small enterprises (MSE) sector.
CGTMSE, which has a corpus fund of Rs 1,584.76 crore, provides guarantees for 75 per cent of the credit facilities sanctioned by the MLIs to MSEs.
