The credit won’t be a hurdle in the businesses of industry

28 February 2023, NEW DELHI: During the interactive programme the “Power Evening” Punjab National Bank– An Industry Interaction with Punjab National Bank’s Leadership organized by Banking,  Financial  Services  and  Insurance (BFSI)  Committee of PHD Chamber in collaboration with Punjab National Bank at PHD House, New Delhi,  Shri Atul Kumar Goel, MD & CEO, Punjab National Bank & Chairman, Indian Banks Association (IBA) promised the industry that credit won’t be a hurdle in their businesses.

Mr. Goel sincerely thanked PHDCCI for such an opportunity to connect directly with the industry and create a win-win situation. He appreciated PHDCCI’s pioneering role in promoting industry and acting as a catalyst for the economy.

Mr. Goel said that this was one of the best times for the industry to do business, given the transforming business environment and evolving banking support. Mr. Goel added that the Indian economy has been one of the fastest growing economies and the MSME sector has been the driver of this growth. He said that credit growth in the last year has increased by almost 17% which is a record high and MSMEs registration on the Udhyam portal has doubled from 64 lakhs in 2021 to more than 130 lakhs in 2022.

Mr. Goel talked about the numerous challenges faced by the MSMEs in obtaining financial assistance and how over the years government schemes like CGTMSE, ECGLS, PMEGP, PSB loan in 59 minutes, Stand-up India etc have been instrumental in overcoming such challenges. He even added that how budget 2023 has been trying to kick start the MSME sector post pandemic with funding of 9000cr in CGTMSE fund, presumptive taxes changes, Vivad se vishwas scheme etc.

He also indicated his vision of transforming PNB into an IT Company providing banking services. Mr. Goel also highlighted how the financials of the bank have been improving given its consistent decline in gross and Net NPAs on a quarter on quarter basis. Lastly, he initiated a conversation for a Bank-Industry connection via reputable chambers like PHDCCI so as to create a win-win situation for all the parties.

Shri Binod Kumar, ED, Punjab National Bank briefed about the Punjab National Bank and detailed about the Large Credits of the bank.

Shri M. Paramasivam, ED, Punjab National Bank said that Punjab National Bank will provide a facility of single point of contact to serve the members of PHD Chamber. He also briefed about the mobile application of Punjab national bank having 235 products.

Shri Saket Dalmia, President, PHD Chamber said that the Industry-Banking Partnership will improve economies of scale by encouraging small firms to grow and become larger enterprises. Amongst other things, this will require effective mutual understanding that allows us to derive ‘collective efficiency’ from local & external economies.

He also mentioned that the banking industry is one of the most essential financial pillars of the financial sector. It is critical for a country’s economic development that its trade and industrial funding needs are handled with greater commitment and responsibility.