The credit guarantor for Indian MSMEs celebrated its 10th Foundation Day in July at a function held at Vigyan Bhawan in New Delhi
CGTMSE, the credit guarantor for Indian MSMEs celebrated its 10th Foundation Day in July at a function held at Vigyan Bhawan in New Delhi. The function was inaugurated by Dinsha Patel, Minister of State (Independent Charge) for MSME by lighting the lamp. The function was
also attended by Dinesh Rai, Secretary, MSME; Madhav Lal, Addl Secy & DC (MSME), senior officials of Government of India, Banks, Financial Institutions, Entrepreneurs in MSE sector, representatives of industry associations and international agencies. Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) is a Trust set up by Government of India and SIDBI.
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| Dinsha Patel Inaugurating the 10th Foundation Day of CGTMSE |
Rakesh Rewari, DMD, SIDBI presented CGTMSE’s journey of 10 years, in his welcome address. Since its birth, CGTMSE has provided over 3.75 lakh guarantees for over Rs.15,000 crore wherein more than 80% of the guarantees pertain to very small loans while nearly one third of the beneficiaries are women entrepreneurs or the minorities and weaker sections.
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| Launch of CGTMSE Coffee Table Book –produced by DARE (L-R): Rakesh Rewari, Dinesh Rai, Dinsha Patel, Madhav Lal, OS Vinod |
Madhav Lal complimented CGTMSE on its achievements. He exhorted CGTMSE to continue to encourage banks and financial institutions with innovative models for collateral free lending.
Dinesh Rai, delivering the keynote address, mentioned that insistence on collaterals has been one of the major bottlenecks in MSMEs getting adequate and timely credit. He further stated that Banks / FIs now have greater faith and trust in CGTMSE. While congratulating the small team of CGTMSE of 14-15 people for the remarkable progress in guarantee covers provided by it, Rai advised banks to advertise about the credit guarantee scheme by CGTMSE as the SME sector is acquiring huge size.
When it comes to international recognition, CGTMSE is a member of the Asian Credit Supplementation Institution Confederation (ACSIC), an association of Credit Guarantee Organisations in the Asian and Pacific Region, after being an 'Observer' for 2 years. Manas Kumar Nag, CGM – SME, SBI says, “SBI has had a good partnership with CGTMSE and I hope it continues in the same way.”
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Dinsha Patel in his address, while highlighting the Government of India’s efforts towards promoting this vibrant sector, mentioned various measures of Government of India including setting up of Prime Minister’s Task Force on MSMEs, implementation of the National Manufacturing Competitiveness Programme (NMCP), and assured that Government of India is committed to the development of the MSME sector.
The highlight of the function was the release of a book by the dignitaries present, tracing the growth, achievements and successful functioning of CGTMSE over the last ten years. The 92 page coffee table book was produced, edited and designed by DARE team (Cybermedia Publications). The book has insights from and viewpoints of all the stakeholders of CGTMSE and SME sector. The book was well appreciated by the dignatories at the venue for its content and creative design.
Another book - “SIDBI Book on MSME Database 2010” was also released by the Minister. The highlights of the event also included screening of a film made on CGTMSE's 10 years of successful functioning and the felicitation of the top three Banks and top two Regional Rural Banks having highest coverage under the Credit Guarantee Scheme. State Bank of India, Punjab National Bank, Canara Bank, Purvanchal Gramin Bank and Karnataka Vikas Grameen Bank were the recipients of the awards.
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