Business & Finance News

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

The jute marketplace in West Bengal is going through complications due to the dearth of functioning cash, as financial institutions have allegedly tightened the lending benchmarks for the sector, officers explained. The loan providers have been trying to get “clear land papers” from mills’ proprietors for extending financial loans, they explained.

At current, three main jute mills remained shut due to functioning cash crunch, marketplace resources explained.

“Lack of banking credit has strike numerous jute mills in the State. Mill proprietors are not receiving ample credit to operate their enterprises. Financial institutions make lending norms more stringent for land titles,

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