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Posted at: Sep 1, 2016, 1:19 AM; last updated: Sep 1, 2016, 1:19 AM (IST)

Online finance facilitation centre to benefit MSMEs

Online finance facilitation centre to benefit MSMEs
Ravindra Nath, Chairman-cum-Managing Director, National Small Industries Corporation (NSIC) inaugurates Finance Facilitation Centre in Ludhiana on Wednesday. Photo: Inderjeet Verma

Tribune News Service

Ludhiana, August 31

Ravindra Nath, Chairman-cum-Managing Director, National Small Industries Corporation (NSIC), inaugurated Finance Facilitation Centre at Guru Gobind Singh Tower near Dhollewal Chowk here today.

Finance Facilitation Centre is an NSIC initiative for digital facilitation of loan proposals of micro, small, and medium-sized enterprises (MSMEs) with various banks to provide collective funding options for MSMEs through online portal www.nsicffconline.in.

This is another initiative besides online MSME-Databank portal (www.msmedatabank.in) to gather information about micro, small and medium enterprises so as to facilitate the MSMEs as per their requirements.

On the occasion, Ravindra said the NSIC was committed to provide services to the MSMEs and help them explore various funding options at the click of a mouse.

Such online centres will operate as a one-stop-shop destination by providing collective financing options for the MSMEs sourced from major financial institutions. It will also help the enterprises with documentation work. The portal intends to fill up the funding gap between the potential of the MSME sector and its actual performance.

Ravindra said assistance in filling up of forms, guidance, documentation and submission of documents would also be provided in this centre. Web linkage between finance facilitation web portal and portals of various banks were also being established for fast and online decision making.

The NSIC has signed MoUs with 33 banks, out of which 13 banks have already agreed to have online linkage with the NSIC’s finance facilitation web portal. Other banks are evincing keen interest to come online with the NSIC’s web portal. He said “The NSIC plans to open up similar centres in different parts of the country soon. The NSIC also signed an MoU with HDFC Bank.

On the occasion, Dr Praley Dey, General Manager (SG), NSIC, spoke about the usage and benefits of the online finance facilitation portal www.nsicffconline.in and online MSME.

Dey said with online facilities, the MSME Ministry would be able to plan development activities and incentive programmes in an improved manner. The government had recently notified new rules for micro, small and medium enterprises (MSMEs) to furnish information in the prescribed format.

According to the MSME Development (Furnishing of Information) Rules, 2016, MSMEs need to furnish basic details to the Centre online in the databank maintained by it at http://www.msmedatabank.in.

Guest of Honour, SC Ralhan, President Federation of Indian Export Organisations (FIEO), expressed his appreciation for the efforts of the NSIC in supporting the MSME sector and also congratulated the CMD, NSIC on the launch of this portal.

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