The private sector banks and the multi national banks are not coming to the rescue of the MSME i.e. micro, small and medium enterprises.
The SMEs which are the backbone of our country are reeling under impact of global meltdown. Arranging funds has become next to impossible for the SMEs.
The Government from its side has already announced two stimulus packages to ease the situation. However not enough has been done by the private banks and the multinational banks to lend a helping hand to the deserving MSME community.
Commerce Secretary Mr.G K Pillai has rightly said that the private sector banks have been fair weather friends unlike public sector banks and went on to say "If they don't comply with RBI direction, at some point of time, the government will be forced to act,". But this has not fallen into the deaf ears of the private banks who feign corporate social responsibility.
It is really unfortunate that the Private Banks are abandoning the MSMEs in the need of the hour and letting down the Government and the RBI.
Nothing matters to these banks except a rosy Bottom line. These banks should definitely understand that it not possible for Public Sector Banks alone to fund the huge population of MSMEs and they are also equally responsible towards the society as a whole.
RBI now would understand the true colors of these Private Banks.
Published for MSN.COM
http://content.msn.co.in/MSNContribute/Story.aspx?PageID=85b66d9b-001e-4567-92aa-d9f701ae731b
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