Government makes it easier for MSMEs to get loans
The Dollar Business Bureau Based on the recommendations made by the Prime Minister’s Task Force report on Micro, Small and Medium Enterprises (MSME), the Reserve Bank of India (RBI) has asked the banks to achieve 20% year-on-year (Y0Y) target in credit to the MSMEs. This was informed by Giriraj Singh, Minister of State for MSMEs, in his written reply to the Rajya Sabha on Thursday, according to an official release. The RBI also advised the banks to achieve 10% annual growth in number of micro enterprise accounts and also to allocate 60% of the MSE advances to the micro enterprises. Besides this, the Indian government’s Credit Guarantee Fund Scheme for Micro and Small Enterprises will also facilitate the easy ...
