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Below the Quote on Budget Reaction by Mr Ajay Kumar Srivastava, Managing Director & CEO, Indian Overseas Bank

The focus given in the Union Budget 2024 to the MSME sector is going to provide a huge boost to the growing number of entrepreneurs in the country. The initiatives announced such as - credit guarantee schemes for MSMEs, increasing the limit of Mudra loans to INR 20 lakhs to those who have paid back the loans earlier, creating alternate methods to evaluate eligibility of MSME for loans, as well as expanding branches by SIDBI, all of these initiatives is expected to provide the much-needed accessibility to credit and additional support required for further growth of the sector. We are optimistic and committed to leveraging these initiatives to foster growth and create socio-economic impact across the country.

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