Union Finance Minister Nirmala Sitharaman Addresses MSME Bank Grievances and Reviews Infrastructure in Coastal Karnataka

By Editor

Posted on June 14, 2026

Union Finance Minister Nirmala Sitharaman Addresses MSME Bank Grievances and Reviews Infrastructure in Coastal Karnataka Mangaluru : During her official visit to the twin coastal districts of Dakshina Kannada and Udupi on Saturday, Union Finance Minister Nirmala Sitharaman held an exclusive interactive session in Mangaluru with select representatives from the local trade and industry sectors. Organized internally by Customs officials, the high-level meeting served as a platform for local entrepreneurs to voice their operational challenges directly to the ministry. A major concern raised by the business delegates pertained to the implementation of the Emergency Credit Line Guarantee Scheme (ECLGS), which was introduced by the Central Government to provide collateral-free credit relief to pandemic-affected businesses. The entrepreneurs pointed out that despite explicit central guidelines stating that no mortgage or asset linkage is required for this scheme, several local banks in the state were forcefully linking personal assets before sanctioning the loans, thereby creating an unnecessary financial burden. Taking serious note of this grievance, Minister Sitharaman strongly condemned the unauthorized practices of the financial institutions, emphasizing that such non-compliance would not be tolerated. She assured the delegation that she would look into the specifics of the matter and issue stringent directives to the banks to halt these practices immediately. The interactive session was attended by several prominent figures, including Member of Parliament Captain Brijesh Chowta, Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Chaturvedi, CBIC Member Yogendra Garg, along with leading industrialists and representatives from top trade bodies in the city. Later in the day, the Finance Minister visited the New Mangalore Port Authority (NMPA) to personally inspect its ongoing operational activities and review the development of key maritime infrastructure projects. Prior to her commitments in Mangaluru, Minister Sitharaman had embarked on a spiritual itinerary in Udupi, where she offered prayers at the historic Sri Krishna Matha, the Uchila Mahalaxmi Temple, and the Kaup Marigudi Temple.

Mangaluru : During her official visit to the twin coastal districts of Dakshina Kannada and Udupi on Saturday, Union Finance Minister Nirmala Sitharaman held an exclusive interactive session in Mangaluru with select representatives from the local trade and industry sectors. Organized internally by Customs officials, the high-level meeting served as a platform for local entrepreneurs to voice their operational challenges directly to the ministry.

A major concern raised by the business delegates pertained to the implementation of the Emergency Credit Line Guarantee Scheme (ECLGS), which was introduced by the Central Government to provide collateral-free credit relief to pandemic-affected businesses. The entrepreneurs pointed out that despite explicit central guidelines stating that no mortgage or asset linkage is required for this scheme, several local banks in the state were forcefully linking personal assets before sanctioning the loans, thereby creating an unnecessary financial burden. Taking serious note of this grievance, Minister Sitharaman strongly condemned the unauthorized practices of the financial institutions, emphasizing that such non-compliance would not be tolerated. She assured the delegation that she would look into the specifics of the matter and issue stringent directives to the banks to halt these practices immediately.

The interactive session was attended by several prominent figures, including Member of Parliament Captain Brijesh Chowta, Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Chaturvedi, CBIC Member Yogendra Garg, along with leading industrialists and representatives from top trade bodies in the city. Later in the day, the Finance Minister visited the New Mangalore Port Authority (NMPA) to personally inspect its ongoing operational activities and review the development of key maritime infrastructure projects. Prior to her commitments in Mangaluru, Minister Sitharaman had embarked on a spiritual itinerary in Udupi, where she offered prayers at the historic Sri Krishna Matha, the Uchila Mahalaxmi Temple, and the Kaup Marigudi Temple.

Union Finance Minister Nirmala Sitharaman Addresses MSME Bank Grievances and Reviews Infrastructure in Coastal Karnataka