Swaminathan J, Deputy Governor, Reserve Bank of India (RBI) has stressed the need for collaborative efforts on the part of all stakeholders to unlock the full potential of Micro, Small and Medium Enterprises (MSME). Delivering a keynote address in the 28th Meeting of the Standing Advisory Committee (SAC) to review the flow of credit to MSME sector, he emphasised the significant role of the MSME sector, particularly in the context of the goal of attaining developed economy status by 2047.
Deputy Governor also highlighted various initiatives taken by the Reserve Bank such as the Account Aggregator (AA) framework, the digital Public Tech Platform to enable delivery of frictionless credit and the regulatory sandbox on MSME lending. During the meeting, the SAC reviewed the flow of credit to MSMEs and deliberated on issues related to assessing and bridging the credit gap for the sector, exploring digital solutions for improved credit linkage, accelerating adoption of TReDS, credit support to women entrepreneurs, revival and rehabilitation of stressed MSMEs, and credit guarantee schemes, among others.
The meeting, which was held in Lucknow, was attended by Senior Officials from Ministry of MSME and Department of Financial Services, Ministry of Finance, Chairman, SIDBI, Executive Director, RBI, senior management of major banks and MSME associations.