PNB to grant collateral free loans up to 1 cr

The Punjab National Bank (PNB) is mulling to provide financial assistance to Small and Medium Enterprises (SME) clusters across the country. The bank has decided to grant a collateral free loan of upto one crore rupees under the programme.

“We have identified 600 clusters across the country for providing various sops for financial empowerment of the SMEs. These clusters will be provided special financial incentives and the city’s leather industry is also included under the ambit of the scheme,” said Nagesh Pyadh, PNB executive director.

He also told that the Prime Minister has set the target of doubling the SME financing within next five years in a phased manner.