The government of the Indian state of West Bengal recently secured INR 2 billion (USD 32 million) from the government-owned State Bank of India to fund “Micro Business Credit Cards” for micro-, small and medium-sized enterprises. For credit limits of up to INR 500,000 (USD 8,000), cardholders will not need to offer collateral.
West Bengal Chief Minister Mamata Banerjee, stated that “Business credit cards are being given so that even farmers can start businesses,” and “We must concentrate on small things. No one becomes a big industrialist in a day.” Depending on the results, the State Bank of India will consider expanding funding for the effort to reach other states.
By the MicroCapital Team
Sources and Additional Resources
Business Standard: http://www.business-standard.
MicroCapital Universe profile on the State Bank of India: https://www.microcapital.org/
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