Role of banks in Entrepreneurship Development

On 28.10.2023 a Guest Lecture on “Role of banks in Entrepreneurship Development” was organized by the Entrepreneurship Development Cell of the Management Studies department and IIC through offline mode. The resource person was Mr. V. Sankara Narayanan, Branch Head, City Union Bank, Tenkasi. The session was organized by Dr.V.M.Sangeetha, Assistant Professor, Department of Management Studies, Francis Xavier Engineering College, Vannarpettai from 09.30 AM- 12.30 PM. 50 students and two faculty members participated.

The program coordinator welcomed the resource person and introduced the chief guest to the participants. The resource person started the session with the short introduction of Banking Sector Services and the services of City Union Bank. He continued the session by posting the question, “How many of you are interested to become entrepreneurs?” Nearly 10 students raised their hands and showed their interest. Then he asked remaining students to communicate their career goals and the reason for not opting entrepreneurial career. Students gave few reasons such as fear of risk, financial problem, problems in investment and so on.

He presented the funds provided by the banks for the promotion of entrepreneurship, especially for Micro, Small, and Medium Enterprises (MSMEs). He said that the UYEGP and PMEGP are two Indian government schemes aimed at promoting self-employment and entrepreneurship among the youth. Both the programs are administered by the Ministry of Micro, Small, and Medium Enterprises (MSME) in India., and it offers subsidies. Funding schemes vary based on the type of industry, for the service industries Rs.10 lakh, manufacturing sectors with a 25 lakh. NEEDS is yet another scheme which offers funding support up to 5 Crores with subsidy. Students raised few questions to the resource person which were answered by the resource person with lot of examples. The program was an eye opener to most of the participants.