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2014-11-28

Finance Ministry to minimise MSMEs credit issues

The panel would be chaired by ICICI Bank Chairman, K V Kamath.

The Finance Ministry has set up a panel to monitor the financial structure and reduce the credit issues of micro, small and medium enterprises sector, says a PTI report.

The panel would be chaired by ICICI Bank Chairman, K V Kamath. The committee comprises of 15 members including joint secretary (Institutional Finance), the PTI report states further.

"Pursuant of the Budget announcement for 2014-15 regarding setting up of a committee to examine the financial architecture for the MSME sector, the Department of Financial Services has set up a committee under the chairmanship of K V Kamath,Chairman, ICICI Bank on September 26," Minister of State for MSME Giriraj Singh said in a written reply to the Rajya Sabha.

The sector generates employment of around 60 million in different segments like readymade garments, leather, gems and jewellery, light engineering and handicrafts. The MSME sector also contributes 8 per cent to India's Gross Domestic Product (GDP).

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