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Banks told to have MSME specific branches

The finance ministry has directed public sector banks to more branches that exclusively cater to the needs of MSME customers. These specialized branches should have skilled manpower to handle the requirements of employment intensive MSMEs. These banks have also been asked to strengthen cluster based lending so that loans can be channeled to the sector, which is engine of growth. The ministry has already identified 50 clusters for enhanced access to funding.

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