Bengal jute industry hit by fund crunch as banks set stringent credit norms

The jute business in West Bengal is going through difficulties because of to the dearth of working funds, as banks have allegedly tightened the lending benchmarks for the sector, officials explained. The loan providers have been trying to get “clear land papers” from mills’ entrepreneurs for extending financial loans, they explained.

At existing, three big jute mills remained closed because of to working funds crunch, business resources explained.

“Lack of banking credit history has hit many jute mills in the Point out. Mill entrepreneurs are not obtaining satisfactory credit history to run their businesses. Banking companies make lending norms much more stringent for land titles, which is used as collateral,” a jute mill promoter told PTI on situation of anonymity.

Staff of closed Weaverly Jute Mills at Shyamnagar in North 24 Parganas district allegedly ransacked the business office of the device and torched two autos just after the management set

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MARKET LIVE: Sensex slips 200 points; private banks, financials weak

Benchmark indices have been trading lower on Thursday as investors reassessed the scope of the coronavirus outbreak after China’s Hubei province documented a record increase in the demise toll. A .3 for each cent contraction in manufacturing unit output in December and the retail inflation fee hitting multi-calendar year high amount in January also dampened sentiment.

The S&P BSE Sensex dipped 210 factors, or .five for each cent, to 41,350 degrees. IndusInd Lender, HCL Tech (both equally down one%), and HIndustan Unilever (down .nine for each cent) have been the leading laggards in the Sensex pack. On the other hand, State Lender of India (up 2%), Titan and ONGC (both equally up one%) attained the most.

The broader Nifty50 index gave up the twelve,one hundred fifty mark, down 60 factors, or .five for each cent.

The Nifty sectoral indices have been trading blended. Nifty Metal and Nifty Private Lender indexes,

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