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2013-01-16

RBI, bankers to introduce transparent system for MSME loans

In order to streamline credit flow to small enterprises and ensure that rightful company gets the credit, bankers and Reserve Bank of India (RBI) on Wednesday discussed introducing a transparent system for micro, small and medium enterprise (MSME) loan pr

In order to streamline credit flow to small enterprises and ensure that rightful company gets the credit, bankers and Reserve Bank of India (RBI) on Wednesday discussed introducing a transparent system for micro, small and medium enterprise (MSME) loan proposals.

"We discussed to put a proposal tracking system in place, give acknowledgement and SMS facilities to an applicant," K R Kamath, CMD, Punjab National Bank and Chairman, Indian Banks Association told media persons outside the RBI headquarters.

"Various ways, in which the borrowers or applicants will feel that there is a response from the banks and bankers will be put in place for monitoring the entire flow" added Kamath.

Ajai Kumar, Chairman and Managing Director, Corporation Bank said that to give a thrust to the credit flow to the key sector, there is a need to have transparent systems in place.

"How to create structures and processes so that there is more transparency and applications are properly tracked, no application is rejected without any reason and there is a proper monitoring system at the level of the bank, were among the issues which were deliberated upon," said Kumar.

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