Mohali admn to set up cell to monitor credit flow
Mohali deputy commissioner Aashika Jain, who will chair the cell, said it will monitor the flow of credit in the district by all financial institutions on a real-time basis to ensure timely delivery of credit to beneficiaries
To invite more investment in Punjab and increase credit outreach among fresh entrepreneurs in the district, the Mohali administration will come up with a dedicated credit monitoring cell.
Giving details, deputy commissioner Aashika Jain, who will chair the cell, said it will monitor the flow of credit in the district by all financial institutions on a real-time basis to ensure timely delivery of credit to beneficiaries.
A first-of-its-kind initiative across Punjab, the cell, to be established at the DC office at the District Administrative Complex in Sector 76, will monitor and follow up loan cases in the whole district.
It will spread a positive message among those who want to start up their new venture, boosting investment and entrepreneurship in the district.
She further said not only investment and entrepreneurship advances, the loans under government-sponsored schemes and upliftment of weaker sections will also be streamlined by this upcoming cell in order to benefit the last man in the line. Similarly, the targets under the district credit plan and potential linked credit plan will also be monitored by the cell.
In the last meeting of district-level committee on banks, it was found that targets for credit to agriculture, MSMEs and other PSL sectors were not being met. Accordingly, to aid and assist people in availing of loans for big and small industry, agriculture, SHGs, etc., this facility had been created, she said.
She further said a helpline number, besides a WhatsApp chatbot, will also be launched, where people can lodge grievances or enquire about the status of loan disbursal.