First time in India – WB Govt launches Micro Business Credit Card

West Bengal Chief Minister Ms Mamata Banerjee today launched the Micro Business Credit Card for medium and small businesses at the State Secretariat, Nabanna.

The Micro Business Credit Card, which is the first of its kind in India, will facilitate small and medium business entrepreneurs of the State. The introduction of this Credit Card will immensely benefit the entrepreneurs, particularly in the MSME sector.

The small and medium entrepreneurs will be able to avail cash credit or loan up to Rs 5 lakhs for their business activities, even without collateral security. The State Bank of India has extended support to the Government of West Bengal in this venture.

The State Finance Minister Dr Amit Mitra and the Panchayat & Rural Development Minister Mr Subrata Mukherjee were present on the occasion.

Incidentally, in his Budget speech in 2014, Dr Amit Mitra had noted that small and medium businesses were the largest employers in the State, and said that to ease their woes in getting bank credit, the government would facilitate the launch of a micro business credit card (on the lines of the Kisan Credit Card).

Excerpts of WB CM’s speech:

  • We must concentrate on small things. Small grows into big. We must take care of the small.
  • No one becomes a big industrialist in a day.
  • This is the first time Micro Business Credit Card is being launched in India. I congratulate all.
  • I congratulate my Finance Minister Amit Mitra for this bold step.
  • We believe in keeping the process simple and hassle-free.
  • To do business we have to keep all doors open.
  • Just because I am involved in small agricultural marketing hub, does not mean I cannot promote big business.
  • We have given Kisan Credit Cards to 65 lakh people in three years.
  • 65 Lakh Kisan Credit Cards have already been distributed.
  • 3.2 crore people out of 9 crore people in Bengal get rice at Rs 2 per kilo.
  • Till Rs 5 lakh, no guarantee is required in this Micro Business Credit Card scheme.
  • Today Business Credit cards are being given to that Kisans can start businesses. No guarantees would be required till 5 Lakh rupees.
  • It is my duty to help the people to progress.
  • If you are determined to work hard, you will reach the heights of success. My best wishes are with you.
  • We have made a fund of Rs 200 crore for business and a simplified clearance process.
  • We will start facilitation and clearance centers in Bardhaman, Durgapur, Asansol and other places to speed up the clearance process.