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RBI advised banks to achieve 20% growth in MSEs credit: Muniyappa

Tags: Banks, RBI, K. H. Muniyappa, Rajya Sabha, MSMEs, credit growth

March 12, 2013 | COMMENTS ( 0 )

RBI advised banks to achieve 20% growth in MSEs credit: Muniyappa

As per the Task Force on Micro, Small and Medium Enterprises (MSMEs) under the chairmanship of the Principal Secretary to the Prime Minister, the RBI has advised the banks to achieve a 20 per cent year-on-year growth in credit to Micro and Small Enterprises (MSEs) and a 10 per cent annual growth in the number of micro enterprise accounts. The statement was made by KH Muniyappa Minister of State (Independent Charge) for MSME in a written reply to a question in the Rajya Sabha on Monday.

Further, banks have been advised that the allocation of 60 per cent of the MSE advances to the micro enterprises is to be achieved in stages viz., 50 percent in the year 2010-11, 55 per cent in the year 2011-12 and 60 per cent in the year 2012-13 to facilitate credit flow, the minister said.

RBI has issued detailed guidelines to all scheduled commercial banks on lending to the MSMEs sector which, inter alia, provide for a time frame for disposal of loan applications, loan limit for dispensing the collateral requirement and sub-targets for micro enterprises within the MSE lending, he added.

As per latest fourth All India Census conducted with base reference year 2006-07, wherein the data was collected till 2009 the number of MSMEs in the country, has increased to 361.76 lakh enterprises as compared to 105.21 lakh enterprises in previous census of 2001-02.

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