Govt's credit scheme only on paper, banks reluctant to extend collateral-free loans: Manufacturing association

Under the GECL scheme announced by the government last month, banks are not to insist on any collateral security from micro, small and medium enterprises (MSMEs) for loans up to Rs 2 crore. But in reality, most of the lenders do not follow this norm and they mostly extend loans against collateral security, All India Manufacturers Organisation said.

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