Thiruvananthapuram, Oct 14 (UNI) Kerala Bank (Kerala State Cooperative Bank) and all other State Cooperative Banks, have been included in the Micro, Small and Medium Enterprises (MSME) Loan Interest Subvention scheme, Kerala Bank Chief Executive Officer (CEO) PS Rajan said on Wednesday.

"The interest subvention is two percent per annum. The new notification issued by the RBI will help in starting of new enterprises in the State as well as in achieving further progress of the State," the CEO said in a press release.

The interest subvention is for those MSME loans, which have been availed directly through the 769 branches of the Kerala Bank on or after March 3, 2020. Udyog Aadhaar Number (UAN) is not required for those MSME not coming under the GST net, for availing interest subvention.

However, these enterprises will have to either submit Permanent Account

Number (PAN) or the MSME certificate issued by the Bank for availing interest subvention. Small scale trading enterprises can also avail this benefit, PS Rajan said.

All loans which are not NPA and have been classified as MSME are eligible for this interest subvention till March 31, 2021.

Kerala Bank has implemented the scheme as the above loans are helpful in entrepreneurship development, thereby creating more job opportunities and furthering the social, economic development of the State.

MSME loans included in the 100-day action plan of the Kerala Government are eligible for this benefit, he added.

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