Mohali’s Deputy Commissioner, Aashika Jain, will lead a novel initiative aimed at fostering investment and enhancing credit accessibility for budding entrepreneurs in the district. The establishment of a dedicated credit monitoring cell by the Mohali administration is envisioned to promote a favorable environment for individuals initiating new ventures, thereby stimulating investment and entrepreneurship.
Deputy Commissioner Aashika Jain highlighted that the credit monitoring cell, a pioneering effort in Punjab, will be situated at the DC office within the District Administrative Complex in Sector 76. The cell’s primary function is to oversee the real-time flow of credit from all financial institutions in the district, ensuring the prompt and efficient delivery of credit to beneficiaries. This initiative is poised to send a positive message to aspiring entrepreneurs, contributing to the growth of investment and entrepreneurial activities in the district.
The cell’s responsibilities extend beyond investment and entrepreneurship, encompassing the streamlined management of loans under government-sponsored schemes and initiatives aimed at uplifting the weaker sections of society. By focusing on these aspects, the cell aims to benefit individuals at the grassroots level. Additionally, the upcoming cell will monitor targets outlined in the district credit plan and potential linked credit plan.
In response to identified shortcomings in achieving credit targets for agriculture, MSMEs, and other Priority Sector Lending (PSL) segments, the credit monitoring cell will offer support and guidance to individuals seeking loans for various purposes, including significant and small-scale industries, agriculture, and Self-Help Groups (SHGs). A helpline number and a WhatsApp chatbot will also be introduced, providing a platform for individuals to register grievances or inquire about the status of loan disbursals. This multifaceted approach is anticipated to enhance credit accessibility and support economic development in the district.
